Refinance Information
Refinancing Made Easy
Refinancing often gives you’re the opportunity to replace your mortgage with a better one. If rates are lower, you might have the opportunity to lock in a better rate. If your home has increased in value over the years, you may have the opportunity to take cash out of the equity in your home.
Lock into a Fixed Rate
If you have an adjustable-rate mortgage that has crept up over the years, it might make sense to now to lock into a lower fixed interest rate loan. Switching to a fixed rate while interest rates are low will save you thousands over the life of the loan.
Eliminate Private Mortgage Insurance (PMI)
Has your home increased in value or have you paid down a significant amount of your mortgage? Take advantage of lower rates and see about removing your PMI through a refinance.
Not sure where you’re at with your home equity and mortgage?
A Rely Loan Officer is available to help.
“We feel strongly that homeowners and buyers should fully understand all of their options when it comes to home finance ”
- Manfret Roesner, President Rely Home Loans
Change Your Loan Terms
When a much lower mortgage interest rate is available for you to lock, it may be time to refinance into a shorter loan term. You can pay off your loan sooner and save over the life of the loan.
Improved Credit Score
Your mortgage interest rate is often a reflection of your credit rating. If your credit score has improved, there is a chance you qualify for a lower interest rate when you refinance
You have equity in your home
If you have equity in your home, then a great option for you may be to pull cash out. The money could be used for major renovations, to consolidate high interest debt, or even to help your children pay for college.
