Refinance Your Mortgage and Save Money
Reduce Monthly Payments
Payoff Mortgage Faster
Eliminate Mortgage Insurance
Cash Out Refinance
The reasons for taking a cash-out home refinance are diverse. You get access to additional funds obtained through your home equity. A cash-out mortgage refinance may involve a higher loan amount, a higher or lower interest rate, or a different term than your prior home loan in order to access that equity.
Contact Nathan Mortgage to learn more about mortgage refinance loans and for what loan amount you can be approved.
Lowering Your Interest Rate
Interest rates are subject to change. Historically, rates are low when looking back 30-40 years. Even lower rates are available through discount points.
Lower rates for the life of the loan translates to lower mortgage payments. A Nathan Mortgage home loan officer can advise on today’s rates (as well as annual percentage rate apr), discount points available, and when to refinance your mortgage to capture the most savings.
Eliminate Mortgage Insurance
Mortgage insurance protects the lender in case a borrower defaults on their loan. Insurance is required for home loans with a down payment of less than 20%, also known as PMI or private mortgage insurance. This is different from property insurance. Property insurance benefits the homeowner.
In a hot real estate market, homes appreciate quickly and provide access to equity needed to refinance and eliminate the existing mortgage insurance. This provides instant savings by reducing your monthly mortgage payments. Contact Nathan Mortgage to learn more about refinance loans.
Shorten the Term of The Loan
Reducing the life of the loan or the monthly payments schedule can occur while getting a mortgage refinance for a lower interest rate. Shorter-term home loans typically have lower interest rates. This adds up to significant interest savings.
Contact a Nathan Mortgage loan officer to learn more about mortgage refinance loans to shorten the life of the loan, reduce monthly principal and interest payments, and the loan process.
Convert to a Fixed Rate Loan
Mortgage refinancing can replace an adjustable rate mortgage ARM, with a fixed rate mortgage. An adjustable rate mortgage starts with an initial fixed rate period with a relatively low rate, subject to change at set fixed rate periods. The rate offered in the initial fixed rate period is intended to entice borrowers. The rate changes with market conditions, often likely to increase due to low introductory rate, leading to monthly payments that are higher. Replacing the adjustable rate mortgage with a fixed rate mortgage refinance often provides significant savings.
Contact Nathan Mortgage to learn more about refinance loans and loan options for adjustable rate home loans that have passed their initial fixed rate period.
Home Equity Line of Credit (HELOC)
A line of credit opened against your home’s equity. This is not mortgage refinancing of your existing home loan and is subject to credit approval. Like a credit card, it’s an account with a set credit limit. A home equity line of credit provides access to funds without paying the ultra-high annual percentage rate apr of a personal loan or personal credit card.
A home equity line of credit is often used for cash shortfalls, larger purchases, unexpected bills, college costs, or paying off credit cards. It’s helpful for the unexpected situations life throws. It is repaid via monthly payments. This does not affect your principal and interest in your existing home loan.
Consolidate Debt
Debt consolidation refers to combining all your debts into one low-interest rate debt so that you can save money on high-interest credit card balances. A refinanced mortgage provides an opportunity for homeowners who are underwater with high-interest rate credit lines to save significantly on monthly interest fees. Contact Nathan Mortgage to learn what home loan amount for which you can be approved.
- My husband and I applied for a mortgage with Nathan Jennison. I have nothing but good things to say about our experience with him. This man knows what … More he's talking about. He's quick and you can tell he loves his job. He spoke with us for a while making sure that we understood everything, giving us examples of similar situations and made us both feel like he was a long time friend. I'll definitely be recommending him to friends and family.
- Nathan and his team are number 1 in my book. They are professional and quick. I called told them I was in the market for refi, explained my situation and … More got started the same day. If you can keep up with what they need and answering back on email quickly like i did! Three weeks tops. will always be a returning customer. Thank you, Nathan Mortgage
- It was such a pleasure working with Nathan Beauchamp. He made our refinancing simple and smart. He is incredibly knowledgeable and intuitive about the … More real estate market and used his savvy to help streamline the refinancing of our house. Nathan also took the time to understand our values and needs and used those to guide the process. Most importantly, Nathan is trustworthy, honest and genuine. He made us feel like he was partnering with us by listening to the things that concerned us as well as comprehending what we wanted to achieve. I had been through this process twice before and can think of no one I would rather work with than Nathan. I highly recommend him as a loan officer.
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