Refinancing is when you replace your current mortgage with a new home loan. This new mortgage comes with a new term, interest rate and monthly payment that is normally more affordable in the long-run.
As a homeowner, you may qualify for a number of benefits that can yield substantial savings when you refinance your mortgage. Refinancing may allow you to tap into some of your home's value, helping you to make the most of your finances. Prime Home Loans has a variety of refinance options to fit any situation and budget. Choose from two types of refinancing options:
Choose from two types of refinancing options:
- Rate-and-Term Refinance - Consider this option if your financial status changes and you wish to pay your house off early or if your current interest rate is higher than the market rate.
- Cash-Out Refinance - Consider this option if you would like to take some of the equity out of your home and use it as cash for other purposes.