REFINANCING
Most People always wonder, what does this mean? and what is Refinancing?
This is the process where you can redo your existing loan and replace with a new loan. There are few reasons why most homeowners decide to do refinancing:
- If you are paying a higher interest rate and market is offering a better lower rate (typically 1% or greater difference) then you should consider refinancing your existing home mortgage.
- If you have an ARM (Adjustable Rage Mortgage) then you should definitely consider refinancing option (consult with your lender for best options); and consider getting a fixed interest rate mortgage.
- If you have met 20% or more equity in your primary home and market interest rates are good and lender suggests refinancing, then definitely take advantage by removing escrow & fees.
- Basic idea of refinancing is to lower your payment and if that is not achievable then you probably should not consider doing refinancing as your closing costs will be due at closing and loan does start again from scratch. So number wise this all has to make sense, must be beneficial and your lender will advise if it is good idea or not.
FEW LOCAL LENDERS THAT CAN HELP YOU WITH REFINANCING OPTION:
LEGEND HOME LENDING
Joel and Jodi Redmond
281.218.6848
Loan Officers:
Joel NMLS #231806
Jodi NMLS #231807
APPLY NOW
Mortgage Glossary
Loan Checklist
ACHL
Dan Cantu
713.805.5454
Loan Officer
NMLS# 952587
SUPREME LENDING
Rachael Neville
281.724.7004
Loan Officer
NMLS #1216003
The local lenders here for references and information purposes only. As you are free to choose any lender you like and feel comfortable to work with! Thank You.