Refinancing is the process of replacing an existing Conventional, FHA, VA, Jumbo, or USDA mortgage with a new loan. Many homeowners seek to refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan from an adjustable rate mortgage to a fixed-rate mortgage. In addition, some homeowners need access to cash in order to fund renovation projects or pay off various debts and will leverage the equity in their house to obtain a cash-out refinance.
Whatever the reason, the refinancing process works much the same as when you applied for your original mortgage: you’ll need to take the time to research your loan options with one of our loan officers, consider your credit score, calculate loan balance and collect the right financial documents and submit a mortgage refinancing application. The Whitley Mortgage team is always ready to assist you in this process.
Some of the potential advantages of refinancing include:
To see if refinancing would be right for you, contact Whitley Mortgage today to explore all your financing options.