No Hassles. No Lender Fees. Just Refinances.
With different options on refinancing we can help lower your interest rate or give you the cash out you need. We make refinancing easy.
Mortgages Can Be Easy and Hassle Free
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Speak to our knowledgeable loan officer about your specific goals. They’ll help you decide which direction will make the most sense for YOU.
Get a real pre-approval so that you can shop in confidence. HomeMortgage.com has multiple lenders to choose from so that you can get the guaranteed best rate.
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Close your loan and get your new keys. It really is that easy! Mortgages and home loans are much easier than they used to be. We can help!
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There are a variety of reasons you might need to refinance your home. Refinancing is a good way to get a lower interest rate or to cash out some equity from your home to use for a remodeling project or important purchase.
Mortgage refinancing is also a good option if you had a small down payment and needed mortgage insurance. Once you’ve paid down some of the debt, you may not need mortgage insurance anymore, and home refinancing can give you the opportunity to let that obligation go.
How Refinancing Works
Refinancing your home is essentially getting a new loan. If you want to change the terms of your mortgage, this is the way to do it. You can negotiate a lower interest rate, a different time frame, or a different cost based on the current value of your home. Refinancing can be complex. We want to make it easy and a simple process. Nobody likes to deal with the nuances of home loans or refinancing. But, we do! It’s our goal to make this simple.
To get started working with HomeMortgage.com, fill out our refinancing form so we can start checking your options.
We Are Helping People Improve Their Financial Health
Refinance to get rid of mortgage insurance
You made a down payment of less than 20 percent, and you’ve been saddled with mortgage insurance payments, aka PMI, as a result. But in the years since you got the mortgage, you paid down some of the debt and, more important, the value of your house went up a lot. If the outstanding loan amount is less than 80 percent of the home’s appraised value, you might be able to refinance into a loan without private mortgage insurance.
Rate and term mortgage refinance
Rate and term refinances are the most common form of refinancing. When you get a rate and term refinance, you replace your mortgage with a loan sporting a lower interest rate, and for roughly the same term. The term is the payoff period: A 30-year mortgage has a 30-year term.
Cash-out refis were popular during the housing boom and contributed to the bust. When you get a cash-out refi, you borrow more money than the outstanding mortgage balance and you receive the difference in cash.
Refinance to shorten the term
You got a 30-year mortgage three or five years ago, and you want to refinance. You don’t have to start over with a 30-year repayment period. You can ask to pay it off in a shorter time than that — 27 years, 25 years, 20 years or 15 years. Your choice.
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Mortgage Refinancing Services
In the current economic climate we live in, it can sometimes be hard to make payments on your home mortgage. Whether it be high interest rates in an unstable economy, being able to make your payments can become tougher than you ever thought possible. If you have found yourself in this situation, now may just be the time to take a look around and see what options you have for mortgage refinancing. Mortgage Refinancing can be an excellent tool and strategy to use, but the biggest problem with it lies in the ignorance of the people using it. Without the correct knowledge of what it is and how to properly go about using it, it can potentially be detrimental to you and instead of lowering your interest rate it can end up raising it. Here is some great information to help you learn all you need to know about Mortgage Refinancing.
What is Mortgage Refinancing?
First of all, refinancing a mortgage is what allows the borrower to obtain a better interest term and interest rate. The original loan is paid off, this then opens up a new loan with a new interest rate as well as payment term rate. This essentially means that you are throwing out the old mortgage and getting a new one in its place with a better interest rate and ideally a shorter term rate.
Why Would You Want To Refinance?
There are many reasons why one would want to refinance their mortgage. It is an excellent idea if you are in a situation where you need a lower interest rate and term. These reasons include; Getting the chance to have a lower interest rate, getting your term decreased so you save more money have less time to worry about the payments. Also it gives the buyer the opportunity to switch from an adjustable rate mortgage (ARM) to a fixed-rate mortgage or vise versa depending on the interest rates at the time. Throughout history, it has generally been a rule of thumb that it is worth it to refinance in order to save yourself upwards of 2%. Most lenders today would say that it is even worth it to refinance to save even 1%. When interest rates start to fall, it is a good opportunity for homeowners to refinance so they can potentially shorten their term length while also having little to no change in their monthly payment. Refinancing can cut your term in half while only having you spend upwards of an extra ten to fifteen dollars a month. A great example of this would be to refinance from 9% to 5.5% cutting your term length in half while only increasing your monthly payment be thirteen dollars.
Another great reason for mortgage refinancing is the opportunity to change between fixed-rate mortgages and adjustable rate mortgages (ARM). While most adjustable rate mortgages tend to start you off with a lower interest rate, sight changes in rates over time can slowly make that rate increase. If you reach this point, this is a good time for mortgage refinancing as this can lower your overall interest rate as well as make that lower rate set for the duration of your payment term. Alternatively, converting from the opposite end can be a smart strategy as well. Adjusted fixed rates can raise over time, but they can also decrease their rates over time making your monthly payment decrease which can completely eliminate the need for mortgage refinancing every time the rates drop. Unfortunately as of right now, this would not be the best strategy due to the fact that rates for adjusted fixed rates have been steadily going up over time.
How do I go about Refinancing a Mortgage?
The best way to go about Refinancing a Mortgage is to first set a goal for yourself. Make sure you know what you are trying to do with your payments and how long you have to pay them. Ideally this goal would be to shorten or at the very least, maintain your term while also lowering your current interest rate.
Next you should know what your credit score is, have your credit report checked to make sure that everything is accurate and corrected, this will make it all that much easier to get your mortgage refinanced. The better your score is, the better interests rates you will be presented with. There are many different online companies that have access to your credit information such as CreditKarma™, FreeCreditReport. Each of these will get you the correct information that you will need.
Do some research and find out what your home’s current value is. There are many different ways to do this, one of which is going around your neighborhood and finding out what the other homes around you are worth. Other possibilities include going online and using a home value calculator or estimator.
Do some looking around for the best mortgage rate. You can start this by going online and comparing rates using various companies and websites. This is free and you can do this all that you want. Just make sure you give yourself time before submitting loan applications, this will lessen the potential impact on your credit score.
Know your costs when going all-in. Once you start submitting applications, this can trigger many different fees from Application fees to Credit Report Fees, just to name a few. You will get a clear estimate from each lender, just be sure you don’t immediately go for a “No-cost Refinance” pitch. This essentially means that that the lender is moving the upfront fees to your ongoing costs for the loan, these being higher interest rates or a greater loan balance.
Next, make sure you have all of the required paperwork. It is much harder these days because the majority of us do all of our business online, but in this case you will want to have physical copies of all of the necessary paperwork. This paperwork will include pay stubs, statements and anything else the lender will need.
Make sure you lock in your rate with your lender once you are decided. This will ensure that your rate will not change within a specified amount of time prior to closing.
Make sure that you have cash on hand so you have enough to cover the property taxes and insurance as well as closing costs and other expenses. Don’t let yourself get caught without enough.
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