REFINANCE
Thinking About Refinancing Your Mortgage?
Thinking About Refinancing Your Mortgage?
We’re here to help you take the next step. Lake Area Mortgage can help you determine whether refinancing is right for you.
Rate-Term
The benefits to this option are right in the title:
• Shorten your term
• Lower your interest rate (lowering your monthly payment)
In many cases, we are also able to help customers reduce or completely remove mortgage insurance!
Cash-Out
This refinancing option gives our customers the opportunity to use the equity in their home, second home, or investment property for extra funds. These funds can then be used for:
• Consolidating Debt
• Financing home improvements
• Purchasing an investment property
The possibilities are endless!
Rate-Term
Like a conventional rate-term refinance, FHA borrowers use this option to:
• Shorten your term
• Lower your interest rate (lowering your monthly payment)
• Reduce or eliminate mortgage insurance
Your property may need to be re-appraised.
Cash-Out
This refinancing option gives our customers the opportunity to use the equity in their home, second home, or investment property for extra funds. These funds can then be used for:
• Consolidating Debt
• Financing home improvements
• Purchasing an investment property
USDA Streamline
USDA Loans are easily refinanced! Refinancing could be a good move, even if you owe more on the house than its current value!
• No appraisal, inspection, or credit analysis required.
• Zero closing costs/Escrow charges option.
To qualify, you must not have any late payments covering the previous 12 months and the refinance must lower your monthly payment by over $5O/mo.
Streamlined IRRRL
(Interest Rate Reduction Refinance Loan)
This program is one of the simplest yet most significantly beneficial refinance option:
• Lower your interest rate (lowering your monthly payment)
• Shorten your term
• Convert from an adjustable to a fixed rate
• Re-appraisal not required
• Less (usual) documentation necessary
• New COE not required
• Finance closing costs
Rate-Term
Similar to a home loan refinance, you can use this method of refinancing to:
• Lower your interest rate (lowering your monthly payment)
• Shorten your term
