Refinance Loan

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Refinancing your home loan (taking out a new loan with different terms and paying off your existing loan) offers a way ensure your loan to best meet your needs as circumstances change. There are a variety of reasons why you might consider refinancing; tap into the equity in your home, eliminate mortgage insurance, reduce monthly payments, get a lower interest rate, pay off the loan faster, or switch from an adjustable-rate to a fixed-rate loan.

Benefits of Refinancing

Refinancing your mortgage can be a powerful tool to achieve your goals.

  • Tap into equity in your home with a cash out refinance.
  • Eliminate mortgage insurance.
  • Reduce your monthly payment.
  • Convert from an ARM to a fixed rate, or vice versa.
  • Lower your interest rate.
  • Pay off your mortgage faster.
  • Consolidate higher interest debt.

Refinance Requirements

The requirements for refinancing are like taking out a new loan (sometimes referred to as the 4 C’s) and there are considerations specific to refinancing. Some of these are:

  • Capacity – income, assets, and liabilities.
  • Capital – savings, investments, and other assets that can be converted to cash.
  • Collateral – appraisal of the home.
  • Credit – score and history.
  • Sufficient equity in your home (varies by program).
  • There may be a waiting period to refinance.

Apply with Fairway of the Rockies

The next step is connecting with a professional for advice to help achieve your goals. Fill out our short pre-qualification form now to get started!