Mortgage Loan Refinancing Services

These days it seems the buzz word among many homeowners is "refinance." But what does it really mean?

By refinancing a homeowner pays off an existing home loan and takes out a new loan. The #1 reason homeowners refinance is to get a lower interest rate, but there are several other benefits that refinancing can offer you:

· By building up a better credit history, you can possibly refinance at a lower rate and take advantage of your improved new credit.

· You can refinance to change the type of loan you have. For example, you could change an existing Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage or vice-versa. Or you could change the length of your loan from, for example, 30 years to 15 years.

· Refinancing enables you to build equity in your home faster when you lower the interest rate and/or shorten the term of an existing loan.

Refinancing might allow you to avoid paying PMI (private mortgage insurance), because your home has appreciated in value.

Please contact us at our local office and find out how refinancing can help you. . .and how we can help you get to a better place.