Refinancing
Refinance Your Mortgage and Save
After purchasing a home, don’t forget about the financial benefits of possibly your most significant asset. Use a refinance to lower your mortgage payment, save interest over the life of the loan, consolidate bills, fund college, make home improvements, and more.
Contact us for a complimentary mortgage review. All we need is your most recent mortgage statement and 15 minutes of your time to see where you stand and what you could potentially save.
Here are Some of the Benefits of Refinancing:
Secure a Lower Interest Rate
With a lower interest rate, you can get lower monthly payments potentially saving you thousands a year and tens of thousands over the life of your loan.
Shorten Your Term
It is most common to settle on a 30 year mortgage and some switch to a 15 or 20 year mortgage allowing you to pay the mortgage off faster and save in interest without the long-term commitment.
Access Your Equity
If you’ve built up significant equity through your monthly payments and your home’s appreciation, a cash-out refinance may make sense to improve your general financial situation.
Pay Off Debts
You can use a cash-out refinance to pay off other debts to save money on interest and reduce your total monthly payments. Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save on interest payments.
Renovate to Increase Your Home Value
The key to a renovation refinance loan is that the amount you can borrow is based not on what your home is currently worth, but on the projected future value of your home after the renovations.
Cancel Mortgage Insurance
If you have lender-paid mortgage insurance, you can refinance once you reach 20 percent equity to eliminate the premium that’s built into your interest rate. The same also applies to certain FHA home loans that require mortgage insurance for the life of the loan.
More Predictable Payments
If you currently have an ARM (adjustable-rate mortgage), you may choose to refinance to a fixed-rate loan to lock in your rate for the remainder of your mortgage providing long-term security.
Make Two, Into One
You can also combine a second mortgage or HELOC (home equity line of credit) into a single primary mortgage at a lower rate. This is like a cash-out refinance, but because you’re using it to pay off secondary mortgages, you’re not reducing your home equity.
Nick Kristoff
Senior Loan Officer
NMLS: 379253
O: (843) 603-5924
C: (843) 290-9110
F: (703) 653-3343
nkristoff@gmmllc.com
Mike Kristoff
Senior Loan Officer
NMLS: 377707
O: (843) 603-5924
C: (843) 301-7070
F: (703) 449-5546
mkristoff@gmmllc.com
This is not a commitment to lend. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Flood and/or property hazard insurance may be required.