Reasons to refinance your home
- Lower interest rate: Refinancing can lower your monthly mortgage payments by obtaining a lower interest rate on your loan.
- Shorten loan term: Refinancing can help you pay off your mortgage faster by switching to a shorter loan term.
- Convert adjustable rate to fixed rate: If you have an adjustable-rate mortgage, refinancing can provide the stability of a fixed-rate loan.
- Cash out equity: Refinancing can provide access to the equity you’ve built in your home, allowing you to use it for expenses such as home improvement or debt consolidation.
- Change loan type: Refinancing can allow you to switch from a government-backed loan to a conventional loan, or vice versa.
- Consolidate debt: Refinancing can provide an opportunity to consolidate high-interest debt into a single, lower-interest mortgage payment.
- Lower monthly payments: Refinancing can reduce your monthly mortgage payments by extending the loan term, allowing you to pay less each month.
FHA Lending can also help refinance your current home loan.
Refinancing your home simply means you are replacing your current home loan with a new home loan. Many homeowners choose to refinance for many reasons. Some benefits to refinancing your home include getting extra cash for any expenses you have, to shorten your mortgage term, acquiring a lower mortgage rate and more.
Turn a place with potential into the home of your dreams with a renovation loan. We offer several products for minor or major upgrades on a home. Our renovation programs make it convenient for you to improve a property by including the extra financing in a purchase or refinance loan. Find out how easy it can be by contacting us today.
If you are interested in refinancing your home, let FHA Lending guide you in the correct process.
You can talk directly to a mortgage expert.