A mortgage refinance might be a option choice for you if you are looking to get a better interest rate, lower monthly payments, shorten the term of their mortgage or take cash out of their home equity.
Use our mortgage refinance calculator to see how much money a mortgage refinance could save you.
Reasons to refinance a mortgage:
Take cash out
Use the equity in your home to pay off debt, renovate your home or extra cash for whatever else you need.
Lower monthly payments
You might be able to get a lower monthly payment and free up some room in your budget.
Lower mortgage rate
If mortgage rates have changed, you might be able to lock in a better rate and lower your monthly payments.
Shorten the term of your mortgage
Save money in the long run by shortening the term of your mortgage. You could move from a 30 year fixed-rate to a 15 year-fixed rate and pay off your mortgage sooner.
Is a mortgage refinance right for you?
Deciding to refinance takes careful consideration. There are several factors to consider and a SNMC loan professional can help you adequately weigh these complex issues.
Even a modest reduction in the interest rate can trim your monthly payment. The significance of such savings in any scenario will depend on your income, budget, loan amount, closing costs and the change in interest rate. A SNMC loan professional can help calculate the different scenarios for you to determine if this would be financially advantageous. Consulting your tax advisor is also encouraged, as your personal tax situation may affect your decision.
Here are some important things to consider to determine if a mortgage refinance is right for you:
Your credit score
Your credit score will determine which refinance options are available to you.
Your current monthly mortgage payment
Understanding your monthly budget will help you determine if a refinance will ultimately save you money. For example, if your goal is to lower the term of your mortgage, then you might have a higher monthly payment. If your goal is to lower your monthly payment, then you’ll want to make sure the refinance saves you money in the long run.
You want consistent monthly mortgage payments
Value of your home
The value of your home impact your ability to to refinance, especially if your goal is to take cash out of your home equity.
Why choose EverLEND Mortgage for your mortgage refinance?
We’re experts with deep experience in underwriting, processing, and refinancing mortgages. Let our professionals guide you through the experience!
This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. EverLEND Mortgage Company is an Equal Housing Lender NMLS# 1100621.