Everything you need to know to refinance your home.
Loan originator Ellie Mae reported that 48 percent of conventional mortgages and 28 percent of FHA loans closed in Feb. 2018 were refinances, according to their 2018 Origination Insight Report. If you’re thinking of altering your existing mortgage, a home refinance may be your next step. There are two major types of home refinances:
- Rate-and-term refinance: This option can help you save money by refinancing your current loan balance for a lower interest rate and a term you can manage.
- Cash-out refinance: You can take out a new mortgage for more than what you owe, using this difference to pay off current debt you are dealing with.
Both refinancing options have their benefits and drawbacks. Choosing the one that is right for you is a crucial step in this process. Another reason you might decide to refinance your mortgage is to replace an adjustable-rate mortgage with a fixed-rate loan.
Things to consider:
What to look for in a
The cost of a
The process of refinancing a
The right lender for your home refinance
When you’re trying to cut costs and secure funding for your home, it is imperative that you work with a bank that takes care of you. Nationwide Mortgage Bankers offers borrowers a personalized experience, providing support and ease throughout the refinance process. For more information, view our diverse services and get started on your refinance application today.