Are you ready to pay less interest on your mortgage and lower your monthly payments? Or do you have high-interest debt you’d like to consolidate to a lower rate? A refinance may be the right step for you.
What is a refinance?
There are two main types of refinance loans:
- Rate & term: A rate-and-term refinance changes the interest rate, the term—or both the rate and the term—of an existing mortgage without advancing any new money.
- Cash out: A cash-out refinance is a way to access cash by replacing your current mortgage with a new, larger loan. A cash-out refinance allows you to pay off high-interest liabilities and potentially lower your total monthly debt payments. A cash-out refinance requires you to have equity in your home (typically, at least 80%).
If you want to explore your refinancing options, we can help you determine what’s most beneficial for your scenario.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
**Lift Home Lending is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
