Should I Refinance My Mortgage?
Benefits of Mortgage Refinancing Programs
Lower Interest Rates
Are you currently paying a high interest rate on a loan you took out 12 years ago? It might make sense to take advantage of lower interest rates available in the market today when you refinance your loan.
Shorter-term Loan
Refinancing to reduce the term or repayment of your loan can be greatly beneficial. Reducing your loan term may come with higher monthly payments, but it gives you lower interest rates. So you can have your debts settled in fewer years.
Reduce Monthly Payments
Lower interest rates come with reduced monthly payments. Refinancing could save you hundreds of dollars when you save on interest charges, especially over a long-term loan.
Switch to Fixed-rate Mortgage
Refinancing lets you switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. A low fixed-rate loan gives you the chance to lock in your rate and budget a monthly payment for the life of your mortgage.
Take Out Cash
You can convert your home equity into cash by taking out a cash-out refinance. Use refinancing to fund urgent financial needs or to pay off other debts. Mortgage refinance rates are typically lower than high interest credit card or installment debt and it can be beneficial to consolidate into 1 payment through a cash out refinance.
Consolidate Multiple Mortgages
You can merge your first mortgage with a home equity line of credit (HELOC) mortgage into a single monthly payment. Refinancing helps you pay off existing debts at a lower rate. It also makes it convenient to keep track of all your debts if you roll them into one loan.
Great customer service!
Craig and Linda have gone above and beyond twice for my family now. We initially got a FHA mortgage and then, 6 months later refinanced into a conventional mortgage which reduced our monthly payment. I am thankful we had a great team to help us through this process!”
Mortgage Refinancing Programs
Refinance Loan Options
Rate-and-term refinancing means you replace your existing mortgage with a new home loan.
It gives you the option to review the current market rates and loan details. You can consider this option if you want to lower your monthly payment or switch to a fixed-rate loan.
Cash-out Loan
A cash out refinance is a loan sought after to obtain cash for home improvements, debt consolidation, college tuition, or whatever your needs may be! The amount of cash that can be obtained can be determined after a consultation with one of our licensed professionals.
FAQS
FREQUENTLY ASKED QUESTIONS
Before you decide to refinance, it would be helpful to talk to a professional who can evaluate the risks and benefits based on your financial situation.
Schedule a free consultation with Summit Lending Solutions LLC to learn more about the current refinance rates available and which options best works for you.
Loan rates and home values are constantly changing. Compare your current interest rate to today’s rates and evaluate other unique factors to your situation. We’re always 24/7 available to help you through every step of the process.
Here’s a step by step guide on refinancing your mortgage:
Determine your refinancing goals. Schedule a consultation with Summit Lending Solutions LLC to discuss your refinance rate options.
Please fill out an application form here.
Lock your interest rate.
Close on your refinance loan with Summit Lendings.
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