The act of mortgage refinancing exists to allow you to pay off your current home loan and replace it with another. There can be many reasons for doing so, and often enough, more than one reason will play into your final decision.
Maybe you want to pay less per month, or you want a shorter mortgage term. Do you want to change the type of mortgage you’re paying? Or, pay off some kind of debt, and use your home’s equity to lift the burden?
No matter the reason behind your inquiry into mortgage refinancing, a reliable mortgage banker will have the necessary application process at their disposal to support you.
Mortgage refinancing can be a useful tool for homeowners in your position, but you’ll need to make sure you’ve considered your current financial needs before beginning the process. You’ll have to ask yourself questions over your future home owning plans, and how your current mortgage payment model stacks up.
You’ll have a long list of considerations to go through, while dealing with a housing market that moves rapidly. As such, those questions might sound a little hard to answer right now, but don’t worry, you don’t have to go through them alone!
If you choose to refinance, the best thing to do is speak with your loan officer who will help discuss your refinancing options. You’ll have to choose the loan type that suits your needs best, and then begin the refinancing application process for that specific type.