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Home Mortgage Refinance

If you're a home owner, chances are you have questions about refinancing your mortgage. Most people know that refinancing, when done under the right circumstances, can be very beneficial, financially speaking. Unfortunately, with the huge amount of conflicting information out there, it can be hard to get down to the nitty gritty of refinancing in order to determine whether or not it's right for you. If you're feeling overloaded with information, let Downs Financial help. We offer a wide range of refinance loan products, and our expert loan associates can help you to understand all the ins and outs of the process.

Different Types of Home Mortgage Refinance
There are two types of refinance loans; rate-term and cash-out. Both work in much the same way; you take out a new, more favorable mortgage to pay off your old one. Rate-term refinances are for those who wish to improve the interest rate or terms of their current mortgage, while cash-out refinances are a way for individuals to finance large expenses, such as school tuition or home renovations. Depending on your financial needs, either of these options can be very beneficial.

The key to making a refinance work for you is determining whether or not the benefits you gain from the transaction will outweigh the costs. Keep in mind that a refinance is not inexpensive to execute. Expect to pay title and escrow fees, lender fees, appraisal costs, origination fees, taxes, and other fees. In addition, you might want to pay points to further lower your interest rate. There are some refinance loans that claim to be "no cost," meaning there are no fees associated with closing the loan, but these costs are often actually built into the loan in the form of a higher interest rate.

At Downs Financial, we make a promise to be up front with you about all costs and fees associated with our loans. We can help you evaluate your situation and determine how long it will take you to recover the costs of a refinance and start benefiting from the savings it will offer. Finally, we offer a range of different refinancing options in order to help meet your unique financial goals.

 

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