Put simply, it is taking your existing mortgage and replacing it with a new mortgage. Refinancing can be a big decision, and some might not know where to start. Don’t worry, we are here to help. Reach out to one of our Loan Originators who can assist you in determining if refinancing is right for you.
A few reasons why a person might want to refinance:
Regardless of interest rate fluctuation, refinancing can provide a variety of benefits. By obtaining a lower interest rate, you could indirectly increase your cash flow, ultimately providing more flexibility with your discretionary income. What you chose to do with the extra cash is up to you, though many people that choose to refinance will use the extra money to pay off other debts or loans.
This allows you to “cash-out” on your home equity. In other words, you will receive the difference of your old loan amount minus your new loan amount.
This is the opposite of a cash-out refinance. Cash in allows you to pay more in order to reduce the loan balance.
Only the interest rate and loan term change. You could shorten or lengthen the term of the loan based on your financial wants and needs.
This allows you to borrow cash against the home equity that you’ve built up.
Will refinancing benefit you financially in the long term? Yes, you will receive an increase in your discretionary income or cash in hand, but it is important to consider if refinancing is beneficial to you in the long term.
How long do you plan to live in the home? Refinancing might not be your best option if you are only looking to live in the house for a couple of years.
Are there any potential risks that need to be considered, such as penalties for paying down your mortgage? It’s a good idea to weigh all of the pros and cons when making any big decisions like refinancing.
BluPrint Loan Officers can provide you with a full analysis of the potential benefits and costs of refinancing, and there is never a commitment for this service.
If you’re looking to buy a home, be prepared to meet a few challenges with today’s housing market. Not only is there a shortage of homes, but the available housing stock is aging. These challenges might seem discouraging but taking a look at the 2018 housing market and what options you have as a homebuyer, it is still possible to find a home to make your own.
The FHA 203k renovation loan allows a qualified borrower to purchase or refinance a home and finance with one loan, the cost of renovations/repairs into their overall loan, not to exceed 110% of the after-improved value of the home. To learn more about this loan, click here.
The Fannie Mae Homstyle® Renovation loan allows a qualified borrower to purchase or refinance a home and finance with one loan, the cost of renovations/repairs into their overall loan, not to exceed 75% of the after completed value of the home based on the appraisal or the total acquisition cost, whichever is less. To learn more about this loan, click here.
The BluPrint team is ready to help you get started.
Let’s take the first step.
BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS #2893. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Licensing and disclosure information can be found at https://nfmlending.com/licensing/
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