What does it mean to refinance your home?

The process of refinancing a home means taking out a new loan to replace a current one. Homeowners who are currently paying off a home loan can apply and be approved for refinancing.

What are the advantages of Refinancing?

By refinancing, you can access the equity of your home through a Cash-Out Refinance option. You can also refinance to obtain a new, lower interest rate through a Rate & Term Refinance option. Refinancing also allows homeowners to pay off their mortgage more quickly if they desire to do so by changing their loan from a 30-year mortgage term to a 15-year mortgage term.

Eligibility

We often recommend refinancing to our clients who have good credit scores. The higher the score, the likelier you will be approved for a new loan. Once you have been accepted for a new loan, try to avoid using your credit cards excessively to help prevent your credit score from changing while your application is being reviewed.

Why should you choose LowRates?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Refinancing rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about refinancing or any of our other home loan services, give our team at LowRates a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!