Refinance March 30 2017

Refinance Methods Made for You

So, you're thinking about a refinance? Be sure to read up on the four most common mortgage refinancing loans to compare so you can make the best decision for you and your family!

1. Rate-and-Term Refinance Loans

Rate-and-term refinancing pays off an existing loan with a new loan, continuing to use the current home as collateral. This refinancing method may save you money with lower interest rates and an affordable payment term.

Type of Rate: Fixed vs. Adjustable

When to Choose a Fixed-Rate Mortgage:

  • You want to lock in low-interest rates
  • You prefer consistent monthly payments
  • You have an existing adjustable-rate mortgage with interest rates that are predicted to adjust upward

When to Choose an Adjustable-Rate Mortgage:

  • Your fixed-rate mortgage has a high-interest rate
  • You plan to sell your home and move before the initial rate period ends
  • You’re comfortable with interest rates being unpredictable

Term Length: 15 vs. 30 years

When to Choose a 15-Year Refinance:

  • You prefer shorter payoff time and a typically lower interest rate with higher monthly payments.

When to Choose a 30-Year Refinance:

  • You want to lock in a fixed interest rate, without a higher payment.

2. Cash-Out Refinance

Cash-out refinancing means taking out a new loan that is larger than the existing one. This refinancing method will pay off your current loan and provide you with extra cash to use for other purposes. When to Consider Cash-Out Refinancing:

  • Your home is worth more than you owe on the existing mortgage.
  • You want to consolidate or pay off debt.
  • You want to finance home improvements or education.

3. Cash-In Refinance

A cash-in financing requires cash at closing for the new loan and is for homeowners that owe more on their current loan than the home is worth. Consider cash-in refinancing if you are trying to avoid high costs on mortgage insurance and jumbo loans.

4. Government Refinance

The Home Affordable Refinance Program (HARP) supports refinancing up to 125 percent of the value of a home. If you have FHA mortgage homeowners, government refinance could be for you. As a homeowner, consider your existing loan and the factors that are important to you as you move forward on determining a refinancing option for your home.  

Got questions?

Speak to a professional today!

  By Kaylee Fantis Sources: http://www.bankrate.com (1) http://www.bankrate.com (2) https://www.erate.com

Search Results for query

December 02 2019

12 Days of Savings

From family meals, travel, gifts, and social outings, the holidays are one of the most expensive times of the year. We have compiled some tips to help you spend mindfully during this holiday season.

Read More

November 27 2019

Market Update: FHFA Announces Loan Limit Increases

The Federal Housing Finance Agency (FHFA) has announced that the conforming loan limits will be increased to $510,400 in 2020

Read More

November 20 2019

Why Interest Rates Aren’t the Only Thing That Matters

Shopping for the lowest rate when looking for a lender could be a detriment to your homebuying experience. There is much more that goes into a positive homebuying experience than the mortgage price tag. If you place a value on communication, timeliness,...

Read More

November 14 2019

Homebuyer Solutions Group Success Story

Marylynn M. and her husband successfully improved their credit scores while enrolled in Eagle Home Mortgage’s Homebuyer Solutions Group (HBSG) program and were able to purchase their dream Lennar Home after graduation. We spoke to HBSG Credit Specialist,...

Read More

November 07 2019

Home Organization Tips to Spark Joy

There is a proven correlation between home clutter and stress. Organizing your abode is a quick and relatively easy way to bring more joy (and extra time) to your life. Here are some home organization tips to help you spark joy!

Read More

October 30 2019

Find the Right Home Loan For You

There are several types of mortgage loans that fit various needs. Here is some information about some of the most popular products and why they might work for you.

Read More

October 24 2019

Reverse Mortgage Myths Debunked

As a senior, age 62 or older, a Reverse Mortgage enables you to tap into the equity of your home and benefit you financially today! The funds you receive can be used to eliminate your monthly mortgage payment, pay off debt, increase your monthly cash flow, or...

Read More

October 17 2019

What to Expect: The True Cost of Homeownership

Most soon-to-be homeowners are prepared to budget for their mortgage payment and down payment, but you should go into your dream of homeownership with a clear picture of all of the costs associated with this milestone.

Read More

October 09 2019

A Simpler Path to Homeownership with Credit Solutions

Interview with Credit Specialist, Sara Gellatly, to learn more about what HBSG is and how it helps real customers achieve their dream of homeownership. 

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?