Refinance

Answering some of our most asked questions. Didn’t answer your question? You can always email or call us. We are happy to answer!

How do I refinance a mortgage?

Contact a loan officer to discuss your options-refinances are done for many different reasons and are not always rate-driven. You start a refinance much like you would when getting pre-approved- contact a loan officer, complete an application, and discuss your options.

Cash-in vs Cash-out refinance?

Cash-in refinance is where a client brings money to closing to lower their balance resulting in a smaller new loan amount and payment. A cash-out mortgage is where a consumer borrows cash from the property to pay off other funds. These funds can be used for various needs–home improvements, consolidation, down payment on another house, etc. The consumer will still need to pay the money back from the refinance, it is just added to the current mortgage.

How can adjusting my loan terms save me money?

The amortization schedule of a loan is impacted by its term. With a mortgage being a simple interest type of loan–anything you pay extra towards the principal reduces the balance and reduces the amount of interest you will owe. By paying in extra above the minimum payment you are effectively shortening your amortization schedule of the loan and reducing the amount of interest ultimately paid back.

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