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Refinance Mortgage

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Prepared to refinance your mortgage home loan? How will this all work? Most of us know that the economy has been tough on the real estate market, that is why the federal government has actually presented brand-new refinance possibilities for house owners who have actually shed equity in their homes.

What are the top reasons to refinance your mortgage?

  • Lower your payment
  • Use your home equity to better manage debt
  • Pay off your loan faster
  • Get a low rate for the life of your loan

We’ve Make Your Refinancing Easier

Are you looking to reduce your monthly mortgage payments, get a lower interest rate, convert your home equity into cash, or switch to a fixed-rate loan? Consider refinancing your home loan.

However, before you decide to refinance it’s important to understand how the process works and to evaluate the pros and cons for your individual situation. For example, many homeowners are surprised at the amount of documentation needed to get approved and aren’t aware that there are some refinance options requiring very little paperwork.

Learning the basics of home refinancing—and how it contributes to your goals—will help you decide which mortgage option makes the most sense for you.

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What Is Refinancing?

Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage. Additionally, some people need access to cash in order to fund home renovation projects or paying off various debts, and will leverage the equity in their house to obtain a cash-out refinance.

Regardless of your goal, the actual process of refinancing works much in the same way as when you applied for your first mortgage: you’ll need to take the time to research your loan options, collect the right financial documents and submit a mortgage refinancing application before you can be approved.

Benefits of a Home Refinance

There are several reasons to refinance your mortgage. Some of the potential advantages include:

An average homeowner may save $160 or more per month with a refinance. With a lower monthly payment, you are free to put the savings toward other debts and other expenditures, or apply that savings towards your monthly mortgage payment and pay off your loan sooner.

Some homeowners who have enough property appreciation or principal paid off will not be required to pay mortgage insurance which will reduce your total monthly payment.

  • For homeowners who took out a mortgage in the early stages of their career, a 30-year mortgage may have made the most financial sense. But for those who want to pay off their mortgage sooner, reducing the loan term can be an attractive option.

When you have an adjustable-rate mortgage, your payment can adjust up or down as interest rates change. Switching to a fixed-rate loan with reliable and stable monthly payments can give homeowners the security of knowing that their payment will never change.

By rolling these into a single monthly payment, you can simplify your finances and focus on one debt. HELOCs often have adjustable rates, so refinancing into a fixed-rate loan could potentially save you money in the long run.

With rising home values, you may have enough equity to take out a cash-out refinance. This money can be used to finance home improvements, pay off debts or to fund large purchases.

There was a time when getting a conventional loan required a 20% down payment. Because borrowers who meet this requirement only have to finance 80% of the home’s value, it’s often referred to as an “80/20 conventional loan.” Conventional loan down payment requirements have since become more flexible.

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POPULAR MORTGAGE REFINANCE HOME LOANS

Each homeowner has a different financial situation and may be eligible for different home loan options. Below are some of the top refinance home loan options. Whether you have substantial equity in your home or if you are underwater on your mortgage, we have home loan options to assist you.

30 YEAR FIXED RATE LOAN REFINANCE

We recommend a 30 Year Fixed Mortgage to lock in your payments for the life of your loan. Refinancing to a 30 year fixed will allow you to have comfortable home loan payments. With fixed payments, your mortgage refinance will be a smart safe refinance choice.

WHAT IS A JUMBO LOAN REFINANCE?

We specialize in Jumbo Loan Mortgage refinancing for large home loans. If you owe over the $417,000 limit in most areas, a Jumbo loan refinance may be right for you. We offer low payment Jumbo ARMs up to a 30 year fixed jumbo loan refinance.

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15 YEAR FIXED RATE LOAN REFINANCE

To pay off your home loan quickly, we recommend a 15 Year Fixed Mortgage. Refinancing to a 15 year fixed mortgage will allow you to take advantage of very low mortgage rates and be debt free in half the time of a standard 30 year fixed rate mortgage.

REFINANCE TO LOWER YOUR MORTGAGE PAYMENT

Try an Adjustable Rate Mortgage (ARM) for the lowest mortgage refinance payments. While an ARM refinance may not be the best home loan for most home owners due to the extra risk, those that are comfortable with their loan terms may save big!

F.A.Q for Refinancing Your Mortgage

Here are some of our most commonly asked questions
or noted information when it comes to Refinancing Your Mortgage:

FAQs about Home Loan Refinancing

Lowering your monthly payments is always popular, especially with interest rates as low as they are now. However, most lenders won’t refinance a mortgage they issued in the last 120-180 days, so you may have to shop for a new lender. Switching loan types is helpful when your situation changes.

The credit requirements vary by lender and type of mortgage. In general, you’ll need a credit score of 620 or higher for a conventional mortgage refinance. Certain government programs require a credit score of 580, however, or have no minimum at all.

  • You’re Not Planning on Staying Put.
  • Your Credit Score Is Lacking.
  • You Can’t Afford the Closing Costs.
  • Long-Term Costs Outweigh Your Savings.
  • You Want to Tap Into Your Home’s Equity.

Refinancing can lower your credit score in a couple different ways: Credit check: When you apply to refinance a loan, lenders will check your credit score and credit history. This is what’s known as a hard inquiry on your credit report—and it can temporarily cause your credit score to drop slightly.

The requirements are different, depending on the lender we find for you, but the average is a score above 620. 

What documents do you need to refinance your mortgage?

A little about Pine Creek Mortgage

25+ Years in Home Loan Experience with Conventional Mortgages

Our client very first technique to mortgages is what separates us from all of the other banks and home mortgage businesses. Our team will walk you through the process to make sure that your loan closes in an extremely timely way. Our competitors might believe our approach on in-person customer support is excessive however our clients sure do value it.

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We Are The Experts

Conventional Loans offer both fixed and adjustable rates approximately a $510,400 loan amount in a lot of markets and can be even higher in greater expense locations. Traditional loans have very competitive rates and offer terms from 5 to thirty years.

  • Can be utilized for purchases, rate and term refinances and squander refinances
  • Squander up to 80% of your home’s value
  • Financial obligation to income ratios up to 50%.
  • Can be utilized for primary, secondary or investment properties.
  • Can be used for condominiums, single family homes and up to 1-4 system residential or commercial properties.
  • Traditional loans use options without any PMI even without a large down payment.
  • Credit score down to 620 can be approved.
  • Same day pre-approval.
  • A month without mortgage payments.
  • First time house buyer programs with just 3% deposits.
  • Options both with and without escrows or impounds.
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