| Mortgage Refinance Benefits Need lower monthly payments? Extra cash? A fixed mortgage rate? Refinancing is an easy and convenient way to improve your home loan terms and can help you: » Lock in a lower rate » Cut monthly payments » Get cash fast MORTGAGE LOAN HELP 5 REASONS TO REFINANCE THE HOME LOAN PROCESS MORTGAGE ADVICE CENTER REFINANCING FAQs HOME BUYING TIPS WHAT IS AN "ARM"? INTEREST RATES 101 |
Mortgage Refinance FAQs
Is it a good idea to refinance my home? Can I refinance for no cost or low cost? Is it worth refinancing if I only see a small change in my current rate? Can I obtain a cash-out refinance loan for more than my home is worth? Can I eliminate PMI by refinancing? Is it a good idea to refinance my home? You may be tired of making one mortgage payment for your first mortgage, and another payment for your second mortgage. Perhaps it's time to reduce your current interest rate to a lower fixed or adjustable rate, or maybe you have an adjustable rate that you want to convert into a fixed rate mortgage. You may want to cash out some of your equity, or lower your overall mortgage payment. Refinancing may also allow you to get rid of private mortgage insurance (PMI) if you now have 20% equity in your home. To talk about the possibilities, call one of our loan specialists. Can I refinance for low cost? Absolutely. With the wide variety of loan programs available at Mortgage America, you may very well be able to refinance your existing loan at minimal cost to you. You will see immediate savings, and you won't have to sacrifice your bank account or equity to get a great rate. Many people have taken advantage of our low cost refinance programs. Why shouldn't you be one of them? Ask one of our experienced loan specialists about our flexible financing options.
Is it worth refinancing if I only see a small change in my current rate? A lower interest rate will save you money if you plan to stay in your home for more than a few years. You can use our mortgage calculator to see how much you will save by refinancing. However, even if you don't pick a lower interest rate, refinancing can still save you money by allowing you to roll in higher interest debt, or giving you the flexibility of interest-only or PaymentSelect options . Can I obtain a cash-out to refinance my existing loan? Yes. Mortgage America has loan programs that allow you to finance up to 100% of the current value of your home. You can find out which ones you match by filling out one of our online rate quotes.
Can I eliminate PMI by refinancing? If you meet two specific conditions, you may be able to remove mortgage insurance by refinancing your new home. You can qualify if you have made your mortgage payments on time every month for a specific time (usually a year), and you have reached a point of having 20% equity in your home, either through appreciation or paying down your mortgage. Calculate the available equity in your home with our Home Equity Calculator. |
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