Is now the time to Refinance ?

If you need refinancing options on a home or other real estate you've come to the right place. Choosing a refinance product that matches your goals and making sure you get the best rate are two things that are a MUST.

Refinancing a mortgage to reduce your interest rate and monthly payment (or change the length / term of your mortgage) is known as a "Rate-Term Refi". It's common for people to do this when interest rates have dropped, they've built better credit, or they're getting close to retirement.

However, many people like to refinance and take cash out from their home’s equity. This enables them to use the cash to do home improvements, payoff debts, purchase a vacation home or investment property, or even take a much needed vacation.

We’re here to make the home refinance process a whole lot easier by helping to show you the difference between loan programs. We will also explain which ones may be more beneficial to accomplish the things you want to. 

By being better informed, you'll have the knowledge and understanding to choose the one that's right for you. 

Rate Term

  • Lower Interest Rate: Did your Credit Score increase? Have rates dropped? 
  • Length of Term: Choose from 10, 15, 20, 25, and 30 year loans. Going from a 30 year to a 15 year mortgage saves money and you own your home sooner. But you may be interested in adding to your loan term, to reduce your monthly payment.
  • Removing Mortgage Insurance: If the value of your home has increased you may not need to pay Mortgage Insurance anymore. In order to get out of mortgage insurance in an FHA loan, you must refinance into a different loan program. Other programs have mortgage insurance that will drop off after 11 years. However, if your equity has grown quickly, why wait years? Stop wasting money on mortgage insurance you no longer need.

Cash Out

  • Remodel: It's usually a better option to do a cash out refi than a HELOC or rehab financing which has much higher rates. If you're adding a pool, outdoor entertainment area, or major addition... a cash-out refi is for you.
  • Paying Off Debt : A great use of home equity is to pay off (or down) debts. This has the ability to: reduce monthly expenses, gives you some financial "breathing room" and could increase your credit score. 
  • Investing: Cash out can give you the funds to invest in the things that matter to you. Whether it's crypto, a vacation home, or an investment property. If your home has equity, it has untapped potential !
Copyright 2021 -  Grace Mortgage LLC - All Rights Reserved
Grace Mortgage LLC   NMLS ID 2271494  |  909-781-4001
Licensed by the Arizona Department of Financial Institutions, License #MB- 1030403

Ryan Mihld  NMLS ID 1492562, also licensed by the California Dept Of Real Estate #01501609

Equal Housing Lender. Cost and fees may vary. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. All loans subject to credit approval and secured by real estate. 
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We are not a certified financial planners/advisors, nor certified financial analyst, nor economist, nor CPA, nor accountant, nor a lawyer. We're not finance professionals through formal education. 
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.
Grace Mortgage LLC  |  20597 W Garden St  Buckeye, AZ 95396