What is a mortgage refinance
A mortgage refinance is the process of replacing an existing mortgage loan with a new one. The new loan may have different terms and conditions than the original loan, such as a lower interest rate, a shorter loan term, or a different type of loan. Popular reasons to refinance: Reduce interest rate to save money monthly and/or over the life of the loan Consolidate debt to save money monthly Access cash for home improvements and renovations Use your rising equity for upcoming major purchases (like a vehicle, boat, or RV) or future events (such as college tuition or a wedding) Removing someone from the title after a major life event like divorce or a homeowner passing away Reduce the term of the loan to pay it off sooner Convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage Investment opportunities to build funds for retirement When you refinance your mortgage, you will go through a process similar to the one you went through when you first obtained your mortgage. You will need to provide financial information to the lender, such as your income, credit score, and debt-to-income ratio. You will also need to pay closing costs, which can include fees for the appraisal, title search, and loan origination. It’s important to evaluate your personal circumstances and the cost of refinancing before making the decision. It’s also important to compare offers from multiple lenders and consider the long-term savings of a lower interest rate versus the short-term costs of refinancing. It is also important to consider the time you have spent paying your existing mortgage and the time left in the loan before you refinance as if you refinance too soon after obtaining the original mortgage, you may not have enough equity in the property to refinance, or you may end up paying more in closing costs than you will save in interest over the life of the loan.
The Right Mortgage Solution Can Save You Money
When homeowners think about saving any significant amount of money often times they turn to their home. Because they have paid into their mortgage over the years, the opportunity to lower one of the biggest monthly expenses exists all around them in the form of equity.
Setting Goals for a Secure Financial Future
How many of us have a real 5 year plan? A 10 year plan? A retirement plan? Do we really take the time to sit down with our financial thoughts and itemize them to make sure we are leveraging assets in the most efficient way possible? The truth is that far too few do.
Employee Insight: Shawn Greve
My name is Shawn Greve. I’ve been with Royal United Mortgage LLC for 4 years. I’m a Vice President in charge of our Schaumburg, IL operation. One of the things I really enjoy is reading all of the testimonials we get from our clients letting us know what a great job our Loan Advisors did for them and their families.
Mortgage Industry Compliance & How it Protects You
For a lot of people, applying for a mortgage can be a daunting task. There is so much information out there and it can be easy to suffer from ‘information overload.’
Employee Insight: Julia Saffran
My name is Julia Saffran. I’m a Sr. Loan Advisor and one of the Team Leaders here at Royal United Mortgage LLC. My biggest piece of advice to my clients would be to make sure that you’re considering the total financial picture of what you’re hoping to do.
Employee Insight: Alison Levar
My name is Alison Levar. I am a Team Leader and Senior Loan Advisor here with Royal United Mortgage LLC. Been with the company about 2 and 1/2 years. Can’t say enough about how much I love what I do. Here at Royal United we focus not just on selling you a product but also educating you about the product that you’re going to be investing in.
Why Rate Isn’t What You Think It Is
Have you ever heard the old wives tale that it only makes sense to refinanceif you can lower your interest rate by 2%? As it relates to refinancing, home equity loans, and purchases, most consumers are trained to make decisions based on interest rates. Why is that? It’s in the advertising and the commercials!
Financial Services: It’s Not About Making Sales, It’s About Helping Individuals
The most important thing about my career as a Loan Advisor is listening actively so I can help others. I ask essential questions about each client’s individual situation and listen actively to their answers. This helps me understand exactly what they want to do or are hoping to accomplish with a home loan or refinance.
Employee Insight: Nick Miller
Hi. My name is Nick Miller. I’m the Assistant Vice President in our email marketing division here at Royal United Mortgage LLC and I’ve been with the company just over 6 years. What’s unique about the email marketing division is we offer the ability for our clients to communicate to us via email.