Lower your monthly payments or access your equity.
Home refinancing typically means that you pay off your current mortgage and start with a fresh loan. A home refinance loan could save you thousands over the life of the loan and help you accomplish other financial goals.
Home refinance loans are beneficial for a number of reasons:
- Lower monthly payment
- Shorter Term
- Consolidating Debt
- Gain a fixed rate
- Accessing your equity to get cash back
Get the best home loan for your situation. Discuss your financial goals with one of our qualified loan officers here at Police Mortgage. Work with a professional mortgage loan originator who will answer all of your questions so you can refinance your home with confidence!
Reasons To Refinance Your Home
Lower Monthly Payment
A typical rate and term refinance will pay off your existing mortgage, and structure a brand new mortgage for you. You can save money monthly by either achieving a lower rate, extending your term, or a combination of both.
Accessing Your Equity
If you have enough equity in your home, you may be able to access that equity with a cash-out refinance loan. Many homeowners use their equity to do home improvement projects. Whether a kitchen remodel, bathroom remodel, or maybe a whole new addition. Keep in mind, most refinance loans require an appraisal, so if your home is in need of immediate repairs, there may be different options available.
Additionally, you can access your equity for a variety of reasons–not just home improvements. Another very common use of equity is to pay off high interest credit cards. Debt consolidation can be a wise choice if you have the equity to consolidate it.
There are some limitations, however, so please be sure to let your loan officer know the intended purpose of the cash-out.
Shorten Your Term
Some homeowners find themselves in a position where they either had a high interest rate when they bought their home, or they are trying to position themselves for retirement. Shortening the term of your mortgage can be a great way to set yourself up for a quicker mortgage pay off day. You typically get the lowest interest rate with the shortest term, so you can save yourself thousands by refinancing to a shorter term.
How long does a refinance take?
Although several factors can make the turnaround time vary, the typical time for a refinance is between 14-30 days. Your loan officer can give you a more specific timeline for your specific loan.
How Do I Get Started?
Contact us today to schedule a time to discuss your short and long term goals! We’ll contact you and evaluate your best options.