It’s not just home buyers who shop for mortgages; sometimes home owners do, as well. In this article, we discuss when, why, and how to refinance your current home.
Refinancing may seem like an entirely different subject than a standard home mortgage, but the truth is that they are very similar. If you’ve already navigated getting a loan to buy your home, the refinancing process will be quite familiar. So let’s see what refinancing is all about and why you might choose it.
|Need help refinancing?|
Mortgage 1’s experienced loan officers have helped thousands of people find the best deal on their refinancing. Call us at 1-866-532-0550 or use our Pro SNAP digital app to get started.
Refinancing is simply replacing your current home mortgage with a new mortgage. The new mortgage usually has different terms (i.e. a lower interest rate or a shorter or longer term). Like any loan, you’ll have to demonstrate your ability to repay the amount over time. As with most new home loans, you’ll have to prove that the property you’re mortgaging is at least as valuable as the borrowed amount.
There are several types of refinancing loans available:
Other refinancing loans include reverse mortgages (which allow senior homeowners to access the value of their home), loans without appraisal and closing cost requirements, and short refinance (which offer struggling homeowners reduced terms).
So why would you bother refinancing your home? Here are some common reasons.
The refinancing process is similar to getting your first home mortgage: you’ll need to apply, provide documentation and proof of your ability to repay the loan over time, get a home appraisal (to ensure the home is worth the amount you’re requesting) and then close on your new loan.
If you’re interested in finding out about your refinancing options, talk with your local Mortgage 1 team. We’ll help you figure out the best deal for your needs, just as we have done for thousands of other home owners.
|Mortgage 1: The Lender Buyers Trust Most|
Mortgage 1 has helped thousands of families find the home loan that best meets their needs. Find a Mortgage 1 loan officer near you.