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We provide you with all the knowledge you need to understand your options and make the best possible choice for you and your family.



Rate and Term Refinance

The most common type of refinance is known as a “rate and term refinance” or a refinance to get a lower interest rate or change the terms of the original loan. Homeowners may also refinance into a different type of loan. For example, a first-time home buyer who used an FHA Loan might benefit from switching to a conventional mortgage loan after they have had several years to build their credit and improve their financial profile.  This change to a conventional mortgage could remove the monthly mortgage insurance payment that is required with a FHA, or other loan program that began with mortgage insurance.

Cash Out Refinance

Some homeowners may choose a cash out refinance to raise the balance of their mortgage loan to pay for other expenses. Not to be confused with a Home Equity Line of Credit (HELOC), a cash out refinance involves originating a new mortgage for a larger value than the original loan. In the case of a cash out refinance, the monthly mortgage payment will increase to cover the cost of the larger loan. For a HELOC, the lender issues an agreed amount of money using the borrower’s equity in the home as collateral.

Cash In Refinance

A cash in refinance allows the borrower to lower their loan-to-value amount by making a payment toward the loan principal to potentially lower the monthly mortgage payment. A cash in refinance is a great option for a borrower who has the funds available through a bonus, inheritance, or other source.

Renovation Refinance

When a home is need of repair or remodel, renovation financing may be a better option than taking out a personal loan or using a credit card. With home prices on the rise, many homeowners are choosing to stay in their home longer and complete repairs or remodels through renovation financing, rather than shopping for a new, more expensive home that fits their needs. With a renovation refinance the cost of the renovation is financed into the cost of
the existing mortgage into one convenient monthly payment.

If you would like to learn more about any loan, please call us

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