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.
Real Client Success Story: VA Loan Settles Financial Issues
When Suzette and I first began discussing the goals she and her husband, Jim, had for a refinance, they were unsure and a bit hesitant to begin. Embarking on this process can be frightening and intimidating for anyone, so I understood. Sue informed me that things were tight and they were struggling to get by every month. They had numerous goals in mind to put them in a better position, but the bottom line was that they needed more cash flow and less revolving debt wasting their money. When I built their options, I was grateful to discover I could show them some outside-the-box solutions to their financial situation that went beyond what they thought possible. Due to Jim’s selfless service to our country, they qualified for a VA loan that allowed them to pay off two costly credit cards and take cash out of the equity in their home to begin their goal to turn their home into a solar-powered property. Our loan reduced their overall payments dramatically, saving them hundreds a month, while providing the necessary cash at closing to complete their repairs. It is a rare treat as a professional loan advisor to help folks tackle this many issue at once while providing a healthy amount of cash. Sue and I interacted often throughout the process, developing a fun banter that kept the proceedings light and entertaining, especially when we hit any bumps or delays. Any time I needed her help getting something knocked out, she was on it without hesitation and always with a smile on her face. Sue & Jim are the kind of clients who remind me why I come to work every day and why being a loan advisor is such an important job for the people we serve. I am grateful to have been of service to the Suzette and Jim and look forward to hearing about their progress in the months to come! Written By: Chad Peelle NMLS# 1025866, Senior Loan Advisor Published: 09/16/2016 We just finished our closing and I have to say this was the best experience I’ve had, we refinanced before with another lender and I will tell you this, Royal United Mortgage LLC is tops in my book. I had Chad Peelle as my agent and he really became a friend. We laughed together and really he was so up to date of what we needed I just felt safe in his hands. We got everything we wanted and now we are really gonna go whole hog on dreams we didn’t think we would be able to do. We are on our way to a solar home and hardwood floors!! Thanks Chad you are a very special guy, and you are #1 in my book. So if you are checking to refinance this is the company you want to go with….so caring, it’s not just the money they are making I believe they really care about you and helping you to get the best refinance out there. Thanks to everyone who helped us to get here with a better life with smaller out go each month, Chad I feel thank you is just not enough, I’m so glad you were the one who called me because you are FANTASTIC !! Suzette & Jim D., Stella, MO
Real Client Success Story: Nancy & Greg from Texas Retire Debt Free
Nancy and Greg have owned their home for nearly 20 years. Both are public school teachers and have been for 20 years. With the help of student loans and credit cards, they just finished putting their daughter through both undergrad and law school.
Employee Insight: Anitra Carter
Hi! My name is Anitra Carter and I’ve been with Royal United Mortgage LLC now for 3 years. I’d say my favorite part of the job and probably most satisfying part of the job is having the flexibility to think outside the box when I’m creating loan structures for my clients.
Employee Insight: Cara Haynes
Name: Cara Haynes. Position: Funder/ Client Services Manager. Length of service at Royal United Mortgage LLC: just over 3 years. Hobbies: painting wine bottles, reading, writing, spending time with my granddaughter… when time permits, but there doesn’t seem to be enough time.
From All of Us
As the New Year looms ever closer, the whirlwind of energy and activity that started around Thanksgiving has grown exponentially and will continue to intensify until the ball drops and we say farewell to 2014.
Financial Peace to Light Up Your Holiday!
At this time of year, many are last-minute shopping to get those perfect items for friends and family… but your wish list likely contains more practical things.
Royal United Mortgage LLC Breaks Records at Gleaners!
“We were prepared….we just weren’t prepared for you!” was the statement made by John Whipple from Gleaners Food Bank as Royal United Mortgage LLC broke Gleaners record today for pounds of food processed in 2 hours.
Thanksgiving Thoughts
Ah, Thanksgiving. A time when we Americans gather to eat much, laugh loudly, reflect quietly, exercise little, and nap frequently. Conversation topics normally focus on the feast, family, friends, football and the weather forecast…and maybe a little random gossip.
At A Fair to Remember
A remarkable thing happened at a recent job fair – what, you were thinking this article was about a famous old movie? Among a very large, industry-diverse contingent of big-name corporations, our location seemed to attract a disproportionately high number of talented job seekers.