REFINANCE

Refinancing offers a chance to replace your mortgage with a better deal, allowing for lower rates, different loan amounts, or new terms. You're not tied to your current lender and can explore wider options. A broker can simplify this by finding the best rates and lenders for you, saving you time and effort in the process. Ideal for a quick and tailored refinance experience.

TYPES OF REFINANCE LOANS

RATE AND TERM REFINANCE-Involves replacing your existing mortgage with a new one that has a different interest rate, loan term, or both, without changing the loan amount
Cash-out Refinance- besides changing the rate and term, the loan amount can also be increased, providing the borrower with additional cash.
For example, if the original mortgage was $450,000 and the borrower opts for a new loan of $550,000 they would receive $100,000 in cash at the closing of the new loan.

HOME EQUITY LOANS

A home equity loan stands distinct from refinancing as it represents a separate loan taken out against the home's value, over and above the current mortgage. Essentially, homeowners borrow against the equity built up in their property, which is the home's current value less any outstanding mortgage balances.

TYPES OF REFINANCE LOANS

HELOC-Ideal for those looking to adjust their loan's term and interest rate, a Home Equity Line of Credit offers flexibility by providing a credit line based on your home's equity. Borrowers can draw from this line as needed, with payments and interest applied only to the amount used.
Home Equity Loan-Commonly known as a second mortgage, this option provides a lump-sum payment to the borrower, functioning similarly to a standard mortgage. The borrower repays the amount over a fixed term through regular monthly payments, based on the loan's terms and interest rate.