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The Benefits of Home Refinance Loan
When you refinance, you get a new mortgage to pay off your existing mortgage. Refinancing works just like getting a mortgage to buy a house. You’ll be free from the stress of home buying and moving, though, and there’s less pressure to close by a certain date.
Refinancing can lower your monthly mortgage payment by reducing your interest rate or increasing your loan term. Refinancing also can lower your long-run interest costs through a lower mortgage rate, shorter loan term or both. It also can help you get rid of mortgage insurance.
How to Refinance
Once you decide to refinance your home, there are a few steps you’ll need to take to actually get the ball rolling. First, you’ll need to know a few key numbers. Your credit score is key, as it will partially determine the rate you are able to get. Second, you’ll need to know your home’s current value, which can be found through research on online real estate sites. Next, start researching mortgage rates.
Once you’ve found a rate that makes sense to you, you’ll need to gather all of the documentation relevant to your mortgage: bank statements, pay stubs, and anything else your lender requests. Finally, you can lock your rate in with your lender.
Generally, when you buy a home, you have to pay certain closing costs to complete the sale. When you refinance, you’re essentially replacing your original mortgage loan with a new one which means you have to pay closing costs again.
When you’re trying to decide whether to refinance, the best thing to do is run the numbers to figure out how much you’ll save and whether it’s worth the fees you’ll have to pay.
At Ensure Mortgage, we can help you attain a home refinance loan, and offer you the professional consultancy you need to make the smartest decision. Call us or contact us for more info.