What Are REFINANCE LOANS?
A refinance loan lets you replace an existing loan with a new one. Here are some of reasons why you might want to get a refinance loan:
- Get access to a lower interest rate.
- Reduce your monthly payments.
- Pull cash out of your home equity.
- Shorten your mortgage term.
- Consolidate debt.
Refinancing is best when it ends up reducing the cost of your mortgage in the long term. You’ll want to evaluate your financial situation with a clear goal in mind.
REFINANCE LOAN REQUIREMENTS
- The minimum credit score to refinance ranges from 580 to 680 depending on your lender and loan program.
- You will need at least 20% equity if you have a low credit score.
- Your current mortgage must be in ‘good standing’. You should not have missed any mortgage payments
- There needs to be at least a six month period between your original financing and new financing.
- Your debt-to-income ratio should not be more than 50%.
- You need to have enough cash to close.
GET STARTED ON YOUR REFINANCE LOAN
Our refinancing programs may help you reduce your monthly payment, consolidate debt and convert equity you have in your home to cash. Give us a call for a free consultation to find out more.