Learn about the process
After several years of homeownership, you may notice that your house has increased in value. At that point, it’s the perfect time to consider getting a lower refinance rate on your home.
This decision can benefit you in a variety of different ways.
Refinancing your home is the process of getting a new loan to pay off and replace the original one.
This involves a similar pre-approval process, where your home will be reevaluated to determine its current value, and you’ll sign much of the same paperwork with a lender of your choice.
A successful refinance can save you from certain fees, secure a lower refinance rate, and put cash back in your pocket.
Things to consider
If you decide to refinance your home, there are several things to keep in mind.
- You will rest the amount of time to pay off your loan to a new term length, albeit with a smaller cost.
- Doing so will result in smaller minimum payments, though larger deposits will pay your loan off more quickly.
- You also may be able to lower your interest rate. If your former rate was 4%, your refinance rate could be 2%.
Our team regularly monitors refinance mortgage rates to determine the ideal time to refinance your home. Once approved, you can often lock your refinance rate for a period of time while you figure out the details.
It’s also possible to turn your home’s equity into credit. If your home’s value has gone up and you’ve paid off a chunk of the principal, you may be able to refinance to withdraw some of that invested money and add that withdrawal amount back onto your loan.
This can provide a strong reserve fund for:
- Unexpected circumstances
Bear in mind, everybody’s situation is different and our team will be able to help you find the most ideal fit.
Getting a lower refinance rate is optional, but greatly beneficial as a homeowner. Choosing to refinance can enable you to own your home outright in a shorter period of time and with less interest paid overall.
While this depends on the direction of the market, some people may refinance several times to maximize their benefits.
Regardless of your own approach, our team is ready to help you navigate the process.
Our experienced team of mortgage loan experts is fully equipped to walk you through every step of the mortgage process.
From the moment you contact us until your first step into your new home and beyond, we’re prepared to go the distance with you.
Fill out the form or give us a call at 425.268.0245 to get started today!
Frequently Asked Questions
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