Refinancing a Home
If you already have a mortgage, it may make sense for you to refinance. You can take advantage of better rates and terms and potentially save thousands over the life of your loan.
What is Refinancing?
When you refinance your mortgage, you're paying off your old loan with a new loan. You can save money by getting a lower interest rate, changing to different terms (i.e., switch from a 15-year to a 30-year term) or taking cash out of your home equity.
Benefits of Refinancing
There are several good reasons you should refinance, and you should consider more than just the interest rate:
- Reduce your monthly mortgage payments
- Take out cash at closing—consolidate your debt
- Switch to a fixed rate from an adjustable rate mortgage (long-term savings)
- Say goodbye to Mortgage Insurance
Benefits aside, there are several factors to consider when thinking about refinancing your home. A lot depends on your financial situation, which you should carefully analyze to see if the timing is right for you. Consult with your mortgage professional for advice on your particular situation.
- Refinancing could make sense if your adjustable rate mortgage is about to reset to a higher rate.
- A rule of thumb is that the new rate should be at least 2% lower for the refinance to be worthwhile, though even a 1% drop can sometimes be beneficial.
- If you plan to move soon—anywhere from 3-5 years depending on the loan—refinancing likely doesn't make sense. You'll need that time to recoup the costs of refinancing.
Want a general idea of what you qualify for? Get PRE-Qualified and we will give you a quote based on a few pieces of information. The information you submit is secure through 128bit SSL military encryption.
If you would like to know exactly what you qualify for, apply online and we will give you an accurate assessment of what you qualify for. The information you submit is secure through 128bit SSL military encryption. If you feel more comfortable filling out a written application, you can print out the uniform residential loan application and the credit release form and fax them to 866-929-9477 866-929-9477 or send them to: Clear Lending, 16 Digital Dr. Suite 100, Novato, CA 94949 .
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