A mortgage refinance is a transaction in which you get a new mortgage to pay off your old one
What is a
As a homeowner, you’ll have the opportunity to choose among all the types of mortgages available to home buyers. Understanding your options will help you choose the best loan for buying your house for a second time.
Refinancing can allow you to change the terms of your mortgage to secure a lower monthly payment, switch your loan terms, consolidate debt, or even take some cash from your home’s equity to put toward bills or renovations. Let’s take a deeper look at some reasons you may want to refinance.
Reasons to Refinance
You Need To Change Your Loan Term
Homeowners might want or need to change their loan terms for several reasons. Here’s more information on switching to a longer or shorter term.
Longer Mortgage Term
Are you having trouble making monthly mortgage payments? A refinance can allow you to lengthen the term of your mortgage and lower your monthly payments.
Shorter Mortgage Term
You can also refinance your mortgage in the opposite direction, from a longer term to a shorter term mortgage.
You Need Cash To Pay Off Debts
If you’ve made payments on your mortgage, you probably have equity in your home.
Cash-Out Refinance For Debt
A cash-out refinance allows you to take advantage of the equity you have in your home by replacing your current loan with a higher-value loan and taking out a portion of the equity you have.
Online Mortgage Refinance (With Cash Out) Quote Request
Online Mortgage Refinance (No Cash Out) Quote Request
Everyone’s Situation is Different, but there are many Financial Situations that a Refinance can Answer.
See what Platinum Life can Offer below.
Replace Your Mortgage with New Terms
Rate and Term Refinance
A rate and term refinance is a type of refinancing that allows you to change the terms of your current loan and replace them with terms that are more favorable for you.
Cash Out Refinance
Borrow With Your Home Equity
Take advantage of the home equity you’ve built with cash loan options.