Refinance or Take Cash Out
A Cash Out Loan or Home Equity Loan
Can save you hundreds of dollars a month.
- Get a Lower Interest Rate
- Lower Your Payments
- 620 Credit Score or Above
- Save Money Today
Home Mortgage Refinancing
With Fair credit scores as low as 620 or even 620 we can still help you refinance your current mortgage to a lower rate or help you get the equity you have in your home to pay off debts, make improvements on the home or pay for your children's education.
Low Interest Rates!
Click here for the current interest rates. Rates subject to change without notice. Not everyone will qualify but other programs with only slightly higher rates may be availabe for those with fair credit. Normal closing costs apply and in some cases can be included in the loan.
If you need to take cash out of the equity in your home then we can help.
Refinancing Your Mortgage
Refinancing is defined as paying off one loan by obtaining another. This is usually done to secure better terms like a lower interest rate.
Lower Your Interest Rate
Basically, taking cash out of your home or home mortgage refinancing allows a home owner to get the cash from your home equity and refinance your current mortgage. For example, if you current home is worth $300,000 and you still owe $180,000 (that leaves you with $120,000 in equity) and your interest rate is at 6.5%. You could refinance at 5.5% and take out $60,000. Then you would be increasing your mortgage balance to $240,000 and reducing your equity to $60,000. It really depends on how much cash you need and how you want your payments restructured. Remember, this is just an example and every situation is unique.
Save Money
Another way of thinking about home mortgage refinancing is the following example: Let's say that you want to start a business and need $20,000. You can take out a loan but the interest rate is at 9%. If you have enough equity in your home you would most likely be able to get the same cash at a lower interest rate by restructuring your current mortgage.
Refinancing or taking out a home equity loan is advantageous over a 2nd mortgage because you are only carrying one loan on your house. This means that you would qualify for a better interest rate and better terms on the loan than you would if you took out a 2nd mortgage. Plus, you will only have one payment to make every month instead of two.
If you are interested in Fair credit refinancing contact us today and remember we can even do a 620 credit score refinance.
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