- 2019 Posts
- Is It Time to Refinance? Here Are The Steps You Need to Take
- Saving For Your First Home? Here’s Everything You Need to Know
- Options, Options, Options
- A Personalized Approach
- Credit Confusion
- Building Your Dream Home
- Tax Time in Wisconsin
- Don’t Let Intimidation Get in the Way of Home Ownership
- Setting Financial Goals for the New Year
- Buying a home after bankruptcy
+ 2018 Posts
- Why you should own a home rather than rent
- FHFA Conforming Loan Limits 2019
- How 2018 Market Trends Will Affect Wisconsin Buyers
- No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
- Benefits of using FHA for your home loan
- Benefits of being a homeowner
- Wisconsin local lender vs online lender
- Home Loan Pre-Approval
- No Money Down Home Loan
- Serve and Support Loans
- Debt Consolidation and Cash Out
+ 2017 Posts
- Fast and Easy Refinance
- Now is the Time to Purchase a New Home
- Low Money Down Loans
- Who Can Get a VA Loan?
- Renting or Buying
- Loan Discounts for Nurses
- USDA Home Loans
- Loan Discounts for Teachers
- FHA 203K Home Improvement Loan
- Discount for Firefighters
- Getting an FHA Loan
- Discount for Police Officers
- Rates on the Rise
- Pre-Approval and Pre-Qualification Differences
- USDA No Money Down Home Loan
- Low Credit Home Buying
- Financing your New Home
- Bankruptcy and Home Ownership
- FHA 203K Loan
- Raising Rates Impact Buyers
- Finding the Right Home
- Buying VS Renting
- Home for Neighborhood Heroes
- GSF 100% Financing
- Free Appraisal with Finance First
- Home Inspections
- Low Money-Down Loan
- VA Loans 2017
- What is Mortgage Insurance
- Tax Refund Options
- FHA Loans
- Using a Realtor
- New Year Debt
+ 2016 Posts
- New Year, New Home!
- Mortgage Pre-Approval Advantages
- Bankruptcy and Home Buying
- Credit Scores
- Home Selling Secrets
- Rates to Rise
- Ready, Set, Winter!
- VA Loans
- Holiday Dream Home
- Stop Paying Rent Today!
- No Money Down Home Loans
- Getting Pre-Approved for Your Loan
- New Home for the Holidays
- Fall Home Deals
- No Down Payment Loans
- Streamline FHA and IRRRL VA loans
- Home Buying Tip #4
- Home Buying Tip #3
- Home Buying Tip #2
- Home Buying Tips and Tricks
- HomeReady - A Home Today!
- Serious About Buying a Home?
- Can you Afford to Wait to Purchase a Home?
- If You are Renting You are Still Paying a Mortgage
- Top Reasons We Buy a Home
- A Friendly Reminder: You Do Not Need 20% Down
- Selling Your Home and Holding Out for More Money
- Why Smart Singles are Buying Homes Now
- Avoid Having Your Offer to Purchase Rejected
- Building Your Net Worth with Home Ownership
- Why You Need a Home Inspection
- Why This is the Time to Sell Your Home
- Listing Your Home with a Realtor VS For Sale by Owner
- Buyers: Using a Real Estate Agent VS For Sale by Owner
- Millennial Home Buyers
- Home Buying during a Sellers Market
- Buying Versus Renting
- Private Mortgage Insurance Good or Bad
- You Do Not Need Great Credit to Buy a Home
- Putting Your Tax Return Toward Your Future
- FHA 203K loan – purchases and refinances that include rehab money
- Have Limited Down Payment Funds - FHA may be the loan for you!
- No Money Down Loans - USDA Rural Development Loans
- Should You Buy a Home Now or Wait Until Spring
- Use your tax returns toward your home purchase and invest in your future
+ 2015 Posts
- Renting VS. Buying – The benefits of being a home owner
- Pre-Approval for New Home Purchase
- What is Mortgage Insurance - PMI
- What to know about Escrow for Taxes and Insurance with your Home Loan
- Credit Score Tips
- Refinancing and Reducing Monthly Payments
- Fall Home Buying Season
- How do I get a VA Loan
- Fall is Upon Us
Refinancing and Reducing Monthly PaymentsNovember 23, 2015
Many people are taking advantage of the available bank rates with Refinancing. Motivation can be either a lower interest rate, or shortening the loan length to fewer years. Additionally, refinancing is helpful to access some of the equity that has built up in the home since the purchase to pay off debt, buy a second home, vacation or invest.
Refinancing means you are going to obtain a new mortgage loan which pays off and replaces your existing home loan.
Today we are going to talk about cash out and rate and term.
Cash Out Refinance
A cash out refinance can help you obtain a lower rate or a shorter term (going from a 30 year to a 20 year mortgage). It can also allow you to access the equity that has built up over the years, allowing you to be paid cash at closing, or directing funds to consolidate bills such as student loans and credit cards.
Cash out mortgages can also allow you to combine your first and second mortgage under certain circumstances. We will help you determine your needs and advise you on what loan is best suited for you. Consolidating bills with your mortgage can free you from large monthly minimum payments to the credit card companies, and can substantially lower those monthly expenses. Picking the type of refinance that best for you will depend on your financial goals.
Rate and Term Refinance
A rate and term refinance can lower your interest rate, saving you money on your monthly loan payment or change your term to longer or shorter (30 year, 15 year or 10 year) depending on your needs. For example, you may have purchased your home on a 15 year mortgage term because it was affordable at the time, but you have recently retired or there has been a change in household income, and now you are interested in making that payment more affordable. By changing the term of the loan to a 30 year, you can optimize your monthly cash flow. Maybe you have been paying on your 30 year loan for some time, and it now makes sense to shorten that term to a 10 year, to pay the home off in a shorter amount of time to prepare for retirement.
There are many reasons to refinance, and every person has different needs and situations. Here at GSF we can help you determine exactly what your immediate needs are and help you plan for your long term goals more efficiently.