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.
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Get a Mortgage That’s Right for You
Home loans offered include fixed and adjustable rate options, FHA, VA, USDA mortgages and more.
Interest rates vary between loan types and we offer a variety of closing cost options to fit your needs.
FHA Loan
FHA loans help low-income and medium-income earners buy a home. You can access the loan with a low credit score and as little as 3.5% down.
VA Loan
VA loans help active members of the military, veterans and surviving military spouses purchase their primary residence. You don’t need a down payment to qualify.
Conventional Loan
A conventional loan can help you purchase a property without having to save for it in cash. We can help you find out if you are qualified.
