You have heard others talk about refinancing their home mortgage to lower payments and interest cost, tap into a line of credit or to come away with cash.
At Lendevity we want you to understand exactly what refinancing means for you. To begin knowing the basics of refinancing, which is you are not keeping the existing loan mortgage but creating a new home mortgage loan. This is a new agreement with updated terms, new interest, and new payments. If you have owned your home for 12 months with good payments, you may be on your way to putting some savings away.
If you know your score is above 620, you have a particularly good chance of being eligible for refinancing. Do you want even better interest rates? Typically, a score greater than 740 will provide you with the best rates available. Let a Lendevity Loan Officer help you with interest rates.
Every individual has a reason to refinance, that could be:
People who can refinance their mortgage will typically save hundreds of dollars a year in interest alone.
Work with Lendevity to find out the cost-benefit and determine whether you should refinance now or later. Depending on where your live, what type of loan it is and the lender you have will fluctuate the closing cost you need to pay. National averages range between 2% and 6% of the overall loan amount. Some fees that you may have to pay could include:
There may be other fees, but our team knows the business and will work with you to reduce as many fees as possible.