Refinance Options to Consider
1. Rate-and-Term Refinance
✔ Ideal for homeowners looking to lower interest rates or change loan terms.
✔ Helps reduce monthly payments or pay off the mortgage sooner.
2. Cash-Out Refinance
✔ Tap into your home equity and receive cash for major expenses.
✔ Great for home improvements, debt consolidation, or emergency funds.
3. FHA Streamline Refinance
✔ Fast and simple option for existing FHA loan holders.
✔ Requires minimal paperwork and no home appraisal.
4. VA Interest Rate Reduction Refinance Loan (IRRRL)
✔ Exclusive to veterans and active military members.
✔ Offers lower interest rates and reduced fees.
When Should You Refinance?
✔ If interest rates have dropped – Even a 1% decrease can lead to significant savings.
✔ If your credit score has improved – A higher score may qualify you for a better rate.
✔ If you want to switch loan types – Moving from an ARM to a fixed-rate loan can provide stability.
✔ If you need cash for expenses – A cash-out refinance can provide funds for home upgrades, college tuition, or other financial needs.