Refinancing your home entails the current mortgage (if applicable) being paid off and obtaining a new loan for your refinanced amount. Conventional loans usually involve getting a new appraisal and qualification approval. VA and FHA refinance programs have streamlined options that may negate the need for an appraisal or qualification approval.
Benefits of Refinancing:
- Cash-out options to pay off existing debt or other purposes
- Remove mortgage insurance
- Lower your interest rate and monthly payments
- Shorten the loan term
- Remove or add borrowers to/from the Deed to the property