Good time to Refinance?
There are many reasons why you may want to refinance your mortgage. The most common is to get a better interest rate. Another good reason is to lower your monthly payment. Some clients will consolidate debts to one lower payment. Perhaps you have a large purchase coming up or want. to renovate your home and would like to use some of the equity in your home. Regardless of your needs, I am here to help you decide if it would be beneficial to utilize the value in your home.
How does it work?
It is similar to getting a new mortgage. The lender will want to see your current income, debts and then evaluate the value in your home. In most cases you can access up to 80% of the current value of your home. Once all that documentation has been completed and reviewed by the lender, you will sign the final paperwork with a lawyer or notary to receive the additional funds. This usually takes 3-4 weeks to complete the entire process.
If you are thinking about refinancing or have questions, please reach out to discuss your options!