Meet your goal without stress
Take cash out
Find out how much you can take out
Lower rate and payment
Find out how much you can lower your monthly payment
Shorten loan term
Check if you can pay fewer years
REFINANCE
Cash Out
A cash-out refinance is a mortgage-refinancing option that lets you convert home equity into cash. A new mortgage is taken out for more than your previous mortgage balance and the difference is paid to you in cash.
Benefits
You will create a new mortgage for a larger amount than what is currently owed, which means you will get paid in cash.
Who should apply
If you are planning to make a new investment within your means or are in urgent need of capital, then cash-out refinance is your best option.
REFINANCE
Lower Payment and Rate
To lower payment and rate, it is called rate and term refinance which changes the interest rate, the term—or both the rate and the term—of an existing mortgage without advancing any new money.
Benefits
The monthly payment will be reduced to a certain extent, which will better relieve the pressure of life and help you achieve financial freedom faster.
Who should apply
If you feel that the current interest rate is too high and want to lower the interest rate now to reduce the monthly payment. Then, do not miss the opportunity of refinancing.
REFINANCE
Shorten Loan Term
The refinance that can help to shorten loan terms is also called rate and term refinance. It will reduce your loan period and get rid of the bondage of the loan as soon as possible. At the same time, your monthly payment will increase because you need to pay off the loan in less time.
Benefits
The shorter loan term means you do not have to pay as much interest. In a sense, your wealth will be kept.
Who should apply
If you can afford it every month and do not want to have that many years of loan to pay, doing a rate and term refinance can be a great choice.