We Specialize in Matching You with the Right Lenders!

Navigating through the refinance process can be daunting. HomeRefinanceQuotes simplies the job by bring lenders to you!

Locking in a Fixed Rate From an Adjustable Rate

Probably the most common reason why people refinance their house is to either lower their current interest rate or lock into a fixed rate.  Our experience lenders can help you find the lowest rates in the market.

Cash Out Equity From Your Home

With interest rates still sub 4% in many cases you can pull out equity from your home and STILL lower your payment. See what you can qualify for.

Lower Your Monthly Mortgage Payment

Let’s face it, for most of us the reason to refinance your loan is so you can pay less monthly. We get it. That is what we have experienced lenders who know how to structure your loan. To minimize your payment.

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So How Do I know If I SHOULD Refinance My Home? What are the Factors I should be considering?

At HomeRefinanceQuotes we know there is a lot to ponder when refinancing your home. We’ve sifted through  all the factors are here are the four “biggies” you’ll want to bear in mind…

This is important in the context of closing costs and especially if you’ll consider a new loan with a prepayment penalty. When it comes to closing costs, you want to make sure you recoup the expense before you move.

For example, if you paid $2,000 in closing costs and you now pay $100 less in interest each month, it will take 20 months before you actually break even and start seeing real savings. If you financed those closing costs by adding them onto the loan balance, it will take even longer.

Simply put, if you can get into a lower rate mortgage, a refinance is worth looking into. That said, consider how long it will take you to recoup closing costs.
Most lenders want to see some amount of equity in order to qualify you for a loan. Generally speaking, the more equity in your home, the easier it will be to refinance. A minimum of 20% is ideal, but you may still be eligible for a refinance even if you have less, such as 10%. However, the terms may not be as favorable.
Many people refinance into a new 30-year mortgage over and over, and never get closer to the goal of owning their home outright. Since interest makes up the large majority of your payments in the first ten to fifteen years, you will pay a lot more in interest if you keep resetting the clock.
The Bottom Line: Refinancing Your Home Will Save You Money! Because your mortgage is amortized over a long period of time, typically 30 years, interest payments make up a significant chunk of the monthly payment, particularly during the first ten years of your loan. When you refinance your mortgage to a lower interest rate, the amount you pay in interest will go down.

Since applying for a refinance can affect credit score, determine whether or not you’re likely to qualify before you submit your application. If it seems unlikely, you may want to wait until your home’s value increases, your credit score improves, or your debt to income ratio declines. Also, plan ahead if you wish to apply for another loan, such as a car loan, that will affect your ability to refinance.

Ready to Get Started? Call Us: 855-799-2962

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