Mortgage Refinancing or Refi

Refinancing a home mortgage means paying off an existing loan and replacing it with a new mortgage loan. There are many reasons to refinance your mortgage.
A mortgage refinance should involve careful thought. When you add all the fees up and going through the mortgage approval process there has to be a clear benefit for you.  So have a clear goal to improve your overall financial picture or enhance your life before refinancing.


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Here are the Top 10 reasons to refinance a mortgage

That leaves only about 999,990 other reasons


  1. It makes my life better:
In the end a more fulfilled life for you and your family is the reason to have a home. And the mortgage on that home can be a key part of your quality of life. Use the asset of your home to enhance your life experience.
  1. Refinancing can lower my monthly payments:
Between rate changes and home equity increases you could refi and save on your monthly mortgage payment. Rates may have fallen since you got your original mortgage. A lower rate generally lowers the amount of interest you pay and therefore lowers your monthly payments.
  1. If your credit score has improved:
Your credit score is an important component in the interest rate charged. If you improved your credit score, you could get a better interest rate and lower payment or take cash out with the same payment. It is worth a check to see how much a better credit score can do for you.
  1. If you can afford higher monthly payments and want to pay off the loan faster:
With the power of a higher monthly payments, you could refinance into a shorter loan term. A 15-year mortgage generally comes with a lower interest rate in addition to a shorter term to payoff the loan. Find out how much you can save.
  1. A cash out refinance:
A cash-out refinance uses the equity in the home to borrow more money than to pay off the current loan. The extra funds are used to enhance your life. You can make home improvements, pay off other loans, go on a dream vacation or a million other things to improve your life.
  1. A debt consolidation refi:
You can refinance to consolidate other debts into a single, more affordable payment. High-interest loans and debts like credit card debt or a second mortgage have a clear advantage with a consolidation refinance. Other debts like car loans, student loans and personal loans can still create value by consolidating them. Let us help run the numbers to see if it is a good idea for you.
  1. The fixed period on an adjustable rate mortgage is ending:
Adjustable interest rate may increase significantly once the fixed period on the ARM (Adjustable Rate Mortgage) ends. Refinancing into a fixed rate mortgage takes the risk out of an ARM mortgage. We can help evaluate the risk of your current ARM.
  1. Fund an opportunity
Using the equity in your home to fund one or more of life’s opportunities is a powerful reason to refinance your home. Many businesses start with a home refi. Changing careers by getting higher education or re-training is a rewarding way to use a home’s equity.
  1. Helping others:
Assisting family and friends motivate many people to refinance their home. Helping with down payments, medical bills, education loans and a million other reasons all are good reasons to refi. Home equity is an asset. Assets can be used in many ways to help other people, which pays a personal value.
10. To get rid of Mortgage Insurance Premiums or MIP
The FHA changed the rules for MIP. If you put less then 20% down on a loan you must pay MIP for the life of the loan. In the past, if your equity was 20%, you could request the MIP to be ended. Now you need to refinance to remove the MIP fee. This could save a ton of money. Have us check to see how much you will save.
Does cash-out refinancing sound like it fits into your life plan? Ready to refinance? It's time to find the right lender. We are so confident’s CLA team of mortgage brokers and loan officers will find the very best lender for you.
We will not give you that “*rate”. The “*rate” is the perfect credit and lender profile with a short term loan that gives the lowest possible “*rate”. We will have highly skilled mortgage professionals evaluate your borrower profile and find you the best loan with the lowest rates and fees for you.
With 100’s of lenders, banks, credit unions and private money to select from, we have the system to help the person we work for – YOU. We don’t work for the bank’s interest or big corporations. We work for you.



What is a no-closing cost refinance?

A no cost refinance is essentially a mortgage refinance in which the lender or broker pays the settlement costs and or other costs of the loan or the costs are rolled into the loan.

Every mortgage has costs. Many people spend time and effort to make and approve a loan which costs money. The no-closing cost refinance loan recoups these cost in two basic ways. First, they can charge a slightly higher interest rate. Or two, they can simply add the fees into the principal loan amount. There is no free lunch or free refi. But how the cost is managed can be a way many home owners can take advantage of lower rates.


How to save money on your refinance?

Choosing a refi without closing costs is just one way to save money. The money you save is the up-front payment of the cost of the loan. Many times borrowers don’t have the money to refinance. By doing a no cost refinance, they can take advantage of the lower rates. Run the numbers to see if it makes financial sense. If you need help please feel free to ask us to help.