Consider Refinancing
The term ‘refinance’ refers to the replacement of an existing mortgage(s) with a new property loan. In turn, the refinance loan comes with a totally new interest rate and updated mortgage term.
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Is refinancing right for you?
Borrowers can choose one of two refinance mortgage options.
Scroll to learn more about refinancing types and process.
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RATE AND TERM REFINANCING
Rate-and-Term refinancing is an option that allows candidates to pay one mortgage loan with the proceeds from another. In this case, the same property is used as collateral. It’s a strong option for borrowers interested in lowering their interest rate or shortening the term of their mortgage.
CASH-OUT REFINANCING
Cash-Out is another refinance option that increases a borrower’s cash flow. While the size of the mortgage and mortgage payment increases in return for cold, hard cash, the funds are borrowed at a lower interest rate in order to consolidate debt, make home improvements, pay for future expenses, etc.
STATED INCOME REFINANCE
Stated Income mortgage programs allow borrowers to state their monthly income on their application in lieu of verifying exact earnings amounts through pay stubs. This is a strong option for borrowers with complicated or extensive documentation of their income. Borrowers looking to purchase investment property, self-employed borrowers with lengthy income tax returns, or borrowers currently on extension may also be a perfect fit to refinance with Stated Income.
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