Refinance – Sonlife Home Mortgage

home refinance

Most people refinance their loans for the following reasons:

Change Your Loan Term

You can refinance to a shorter term with a lower interest. If you loan state with a 30yrs term you can resume to 15 years term with a lower interest. You can also refinance to a longer term to lower your monthly payment.

Lower Your Interest Rate

Interest rates are always changing. If rates are better now than when you got your loan, refinancing might make sense for you. Lowering your interest rate can lower your monthly payment.

Change Your Loan Type

If you originally got an adjustable-rate mortgage (ARM) to save on interest, but you’d like to refinance your ARM to a fixed-rate mortgage while rates are low. And if you have enough home equity to refinance your Federal Housing Administration (FHA) loan to a conventional loan and stop paying a mortgage insurance premium (MIP).

Cash Out Your Equity

With a cash-out refinance, you borrow more than you owe on your home and pocket the difference as cash. If your home’s value has increased, you may have enough equity to take cash out for home improvement, debt consolidation or other expenses. Using cash from your home allows you to borrow money at a much lower interest rate than other loan