Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt. Just imagine what you could do with an extra $100, $300 or more each and every month. You might decide to apply the savings toward your loan balance and build equity faster. The best thing is, you’re in control! You decide what is best for your family!
Top 5 Refinance Benefits:
- Reduce your interest rate
- Cash-Out equity for Home improvements
- Consolidate Debt
- Lower Monthly Payments
- Clear mortgage debt in less time
Any purchase mortgage which is not insured or guaranteed by a government agency such as FHA, VA, and USDA are considered a conventional refinance loan.
With cash-out refinancing, you refinance your current mortgage for more than you currently owe. You take the difference in cash.
A debt consolidation refinance allows you to roll all your debts into a single, monthly bill. This not only simplifies the payments, but can also provide real debt relief by reducing those monthly payments as well.
An FHA Streamline Refinance is one the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
CHM Lending is a local mortgage broker founded in 1992 and located in Medina, Ohio. Our company offers a full range of mortgage loan products including Conventional, FHA, VA, USDA, Construction, and Renovation loans. Our team has a combined over 45 years of experience in the mortgage industry and was voted Best of The Best in Medina County in 2017 & 2018. We use a common sense approach with all of our clients and we work with many different lenders to be able to offer the most competitive rates and costs coupled with amazing customer service.