|
Refinance Questions
- Should I refinance my current mortgage?
- What factors should I evaluate when considering refinancing?
- Can I take cash out of my house when I refinance?
Should I refinance my current mortgage?
There are a number of reasons you may want to consider refinancing your current mortgage.
- To lower your interest rate and your monthly payment.
- To maximize your cash flow with lower payments for a longer term.
- To convert an adjustable rate mortgage to a fixed rate mortgage.
- To utilize the cash equity in your home for debt reduction, home improvements, college education, or other investment opportunities.
Consult your Signature Mortgage loan officer to see if refinancing is right for you.
Back to top.
What factors should I evaluate when considering refinancing?
Consider the following factors when making your decision:
- What is the difference between your current rate and the new rate?
- How long do you plan to own the home?
- What are the costs associated with the refinance?
- How long will it take to recoup the closing costs?
- Do you feel comfortable with the new payment?
- Do you need to pull out equity from your home?
Back to top.
Can I take cash out of my house when I refinance?
You may convert equity into cash. Loan program guidelines for "cash out" loans vary, but are generally driven by the proposed loan-to-value of all loans on the property in addition to other standard underwriting guidelines.
Back to top.
|
