Types of Refinance
Rate & Term Refinancing and Cash-Out Refinancing.
Rate and Term Refinancing
Rate and term refinancing is used to change the interest, term, or both of an existing mortgage.
For example, let's say you have a 30-year mortgage with 15 years left to pay and you've noticed interest rates are dropping. You could refinance your mortgage with the Rate & Term option to take advantage of the new rate without changing the principal balance on your loan.Get Rates
Cash-Out Refinancing is used to get a larger amount than the existing loan. You can access the equity to help pay off high-interest debts like credit cards and other types of loans, or possibly cover large expenses like a home remodeling, wedding or education.
For example, let’s say you own a home worth $200,000 but still owe $100,000 on the current mortgage. This means you have an equity of $100,000. Now let’s say you need $35,000 in cash for the purpose of home improvements. You could refinance your mortgage with the cash-out option to get a new loan worth a total of $135,000 ($100,000 you still owe on your home, plus the $35,000 you’re going to take out in cash for home improvements).Get Rates
The Home Refinance Loan Process
Here’s how our home refinance loan process works
Complete our simple home refinance analysis request
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs