Refinance
Programs
Refinancing offers homeowners the opportunity to replace their existing mortgage with a new one, often to achieve better terms. C It's important to assess your financial goals and current market conditions to determine the best refinancing option for your situation. Consulting with a loan officer can provide valuable insights and guidance throughout the process.
Rate & Term
Rate and Term refinancing involves replacing an existing mortgage with a new one that has a different interest rate and/or loan term. This option allows homeowners to secure a lower interest rate, reduce monthly payments, or adjust the length of the loan, often without taking any cash out of the property. It’s a popular choice for those looking to improve their financial situation without altering their mortgage balance.
HELOC
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by the equity in your home. It allows homeowners to borrow against their equity as needed, making it a flexible financing option for ongoing expenses, such as home renovations or education costs. Borrowers can draw funds, pay them back, and borrow again, similar to a credit card.
Cash Out
Cash-Out refinancing allows homeowners to refinance their existing mortgage for more than they owe and take the difference in cash. This option provides funds that can be used for various purposes, such as home improvements, debt consolidation, or major purchases. It effectively converts home equity into accessible cash while potentially securing a lower interest rate on the mortgage.
HECM
A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage designed for homeowners aged 62 and older. It allows seniors to convert a portion of their home equity into cash, which can be used for living expenses, healthcare, or other needs. Unlike traditional mortgages, no monthly payments are required; instead, the loan is repaid when the homeowner moves, sells the home, or passes away.
