Often people refinance to reduce their interest rate, cut monthly payments, or tap into their home’s equity. Some homeowners refinance to pay off the loan faster, get rid of mortgage insurance, or switch from an adjustable rate to a fixed-rate loan.
Refinancing is a process in which a current loan is converted.
At times, an FHA loan is switched to a conventional, terms are shortened, or the property equity is tapped.
One of the most flexible products available on the market today is a conventional loan. This mortgage applies to primary residences, second homes, and investment rental properties.
Homeowners are utilizing this to accomplish a wide variety of their financial goals
Shortening your loan term to a 25/20/15-year repayment schedule replacing a 30-year mortgage and cutting the total interest paid
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate loan, creating a predictable monthly payment to make budgeting easier
Refinancing into a lower interest rate, which will reduce your monthly payment
Eliminate Private Mortgage Insurance (PMI)
Tap into your equity with a cash-out, for home improvements debt payoffs, or anything at all
Discuss your Refinancing Options with an ORM professional