What Are Refinance Loans?
Refinance loans let you replace an existing loan arrangement with a new one. There are a number of reasons why you might want to do this.
- Get access to a better interest rate.
- Reduce your monthly payments.
- Cash-out your equity for other uses.
- Pay your mortgage off faster.
- Consolidate debt.
It is in your best interest to only refinance if you will end up reducing the cost of your mortgage in the long run. So it is important to factor in things like new closing costs with the refinanced mortgage when calculating how much you will save by refinancing.
Refinance Loan Requirements at a Glance
- A credit score of at least 580.
- You will need at least 20% equity if you have a low credit score.
- Applicants with high credit scores can have as little as 5% equity.
- You should not have missed any mortgage payments
- There needs to be at least six months between your original financing and new financing.
- Your debt-to-income ratio should not be too high (not more than 50%).
How to Get a Refinance Loan
Our refinancing programs may help you reduce your monthly payment, consolidate debt and convert equity you have in your home to cash. Call us for a free assessment.
Refinance Your Home Loan
Take out cash, lower your monthly payment, or shorten your term.