Mortgage Refinance FAQs
Is it a good idea to refinance my home?
Can I refinance for no cost or low cost?
Is it worth refinancing if I only see a small change in my current
rate?
Can I obtain a cash-out refinance loan for more than my home is
worth?
Can I eliminate PMI by refinancing?
Need lower monthly payments?
Extra cash? A fixed
mortgage rate?
Refinance now!
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Is it a good idea to refinance my home?
You may be tired of making one mortgage payment for your first mortgage, and
another payment for your second mortgage. Perhaps it's time to reduce your
current interest rate to a lower fixed or adjustable rate, or maybe you have an
adjustable rate that you want to convert into a fixed rate mortgage. You may
want to cash out some of your equity, or lower your overall mortgage payment.
Refinancing may also allow you to get rid of private mortgage insurance (PMI)
if you now have 20% equity in your home. To talk about the possibilities, call
one of our loan specialists or apply online
for a no-cost, no-obligation quote.
Can I refinance for no cost or low cost?
Absolutely. With the wide variety of loan programs available at
HomeLoanCenter.com, you may very well be able to refinance your existing loan
at no cost or minimal cost to you. You will see immediate savings, and you
won't have to sacrifice your bank account or equity to get a great rate. Many
people have taken advantage of our no cost refinance programs. Why shouldn't
you be one of them? Ask one of our experienced loan specialists about our
flexible financing options, or apply online
to get matched with a loan program that fits your goals.
Is it worth refinancing if I only see a small change in
my current rate?
A lower interest rate will save you money if you plan to stay in your home for
more than a few years. You can use our
mortgage calculator to see how much you will save by refinancing.
However, even if you don't pick a lower interest rate, refinancing can still
save you money by allowing you to roll in higher interest debt, or giving you
the flexibility of and interest-only option.
Can I obtain a cash-out refinance loan for more than my
home is worth?
HomeLoanCenter.com
does not provide any loan programs at this time that allow you
to refinance your home for more than it is worth.
Can I eliminate PMI by refinancing?
If you meet two specific conditions, you may be able to remove mortgage
insurance by refinancing your new home. You can qualify if you have made your
mortgage payments on time every month for a specific time (usually a year), and
you have reached a point of having 20% equity in your home, either through
appreciation or paying down your mortgage. Calculate the available equity in
your home with our Home
Equity Calculator.
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