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Merriam Webster defines the word mortgage as follows: "to renew or reorganize the financing of something : to provide for (an outstanding indebtedness) by making or obtaining another loan or a larger loan on fresh terms." Essentially, a refinance is when you borrow against property you already have, as opposed to are purchasing for the first time. These are primarily taken by people when interest rates are low.
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A refinance mortgage is a loan that is used to pay off your existing mortgage and/or to access equity in your property. It is secured by residential real estate.
Homeowners can lower their interest rates, reduce their mortgage terms and reduce their risk through implementation of a fixed-rate loan. Using cash-out refinancing, a homeowner may borrow for any reason, from medical emergencies to desperately wanting to visit The Bahamas.
For those of you who have good credit and 20% or more equity in your home, not at all. If you have a lower credit score and/or a higher loan to value, talk to a refinance specialist to determine your chances at getting approved.
Absolutely! However, Jumbo loans are more risky for lenders, and may come at higher interest rates than a Conforming loan.
If you have a mortgage with a rate above the current market rates, have an adjustable rate and want to reduce payment risk, have equity in your home and need cash or if you want to improve your cash flow by lowering your monthly payments, refinancing your home may be right for you.
A refinance being advantageous or not depends on many factors. At Coastal Funding Corporation, we ensure there is a clear financial benefit to our borrowers before going forward with any refinance through our make sense approach to mortgage financing. If you've been thinking about a refinance, have a free consultation with one of our refinance specialists today to weigh out your options.
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