Refinance a home
Refinance with confidence
Buying a home may be the largest investment you ever make, and managing that investment well is key to your long-term financial health.
Just because you signed on to specific mortgage terms 5, 10, 15, or more years ago, doesn’t mean you have to stick with that mortgage today. As your life changes and your financial goals evolve, refinancing to a mortgage that matches your current values and situation can be one of the most strategic money moves you can make.
Our goal is to help homeowners maximize that return on their investment. As experts familiar with the local housing market, our team will help you…
- Identify the ideal time to refinance
- Select the best refinance method to use based on your situation
- Plan for the mortgage transition
Even after you settle into the rhythm of your new mortgage, Rosa Briggs and her lending team will be available to answer questions, perform mortgage health checks, and assist with future real estate investments.
You’re not alone in the home financing journey. We’re here to help.
Refinance Analysis
Contact our team and find out how you can capitalize on your home investment with a refinance solution. We’ll review your current loan and show you what’s possible.
Send us a message through the contact form or give us a call at 425.268.0245 to get started today!
Loan Options
There are a number of refinance loan options available to you. We’re going to break down the most common ones and explain the benefits and drawbacks of each.
Overview
If you’re looking to renovate your property, pay off or consolidate your debts, or cover an unexpected bill, a cash-out refinance may be the option for you.
Getting Started
A cash-out refinance is a type of refinance mortgage that exceeds the remaining price of your original mortgage. The excess cost is withdrawn in cash, which can be put toward anything.
For example, if you still owe $250,000 on your home, you could refinance for a new $300,000 loan and pocket the $50,000 in cash.
Keep in mind, you typically cannot withdraw more than 80% of your home’s current equity.
Things to Consider
By refinancing with this type of mortgage, you can borrow money at a lower interest rate than through methods such as credit cards. Homeowners may use these funds to…
- Start a business
- Invest in renovations
- Consolidate their debt
- Any other large-scale projects.
The possibilities are endless! But remember, you’ll also be extending the amount of time to pay off your mortgage, which will mean paying more interest overall.
This method is great for times where you need a lump sum of money up front, but make sure you’re prepared to add several more years to your payment plan before withdrawing that money.
Overview
A more common type of refinance is known as rate and term refinancing. In this method, homeowners simply negotiate a better deal for themselves when the market favors them.
Getting Started
When to consider a conventional refinance:
- The market’s current refi rates are lower than your initial rate
- Your credit or trust as a borrower has improved
- Refinancing will allow you to save hundreds of dollars a month
The process is similar to obtaining your initial mortgage, with much of the same paperwork and options. Most homeowners will already be familiar with the requirements.
Things to Consider
When pursuing a rate and term refinance, you may choose from a variety of options depending on your priorities.
- If your salary has increased, replacing your 30-year loan with a 15-year loan will increase your monthly payments to save you thousands of dollars in interest.
- Alternatively, extending your loan into 30 years will reduce the individual cost of your monthly payments and give you more time to pay it off.
- Beyond simply adjusting your payment schedule, you can also invest the equity you’ve built over the years to establish a new down payment on your house. For example, expanding to a 20% down payment removes any mandatory mortgage insurance, eliminating one of your costs.
With Rosa Briggs, we’ll help you find the option that best meets your refinance goals.
Refinancing that fits your goals
No matter what your home ownership goals and dreams may be, Rosa Briggs and team is here to help you achieve them.
Find the right refinancing strategy with Rosa Briggs and team.
Find a mortgage that allows you to succeed today and plan for tomorrow. Get started now.
