Mortgage Refinance

Typically the goal in when refinancing your home mortgage is to replaces your existing mortgage loan with another loan for the same amount of principal to repay, but at a lower interest rate. Doing this will reduce your monthly mortgage payment and free-up cash that can use the cash for whatever you want - home improvements, a new car, or even a vacation!

If you have built up equity in your home, mortgage refinancing will allow you to not only reduce your interest rate but also change the term of your mortgage loan, or consolidate your debt. Instead of collateral, home mortgage refinance allows you to incorporate our debt into the amount owed. One monthly payment, one low interest rate!

With traditional mortgage refinancing, the most often cited rule of thumb is that the interest rate for your new mortgage loan should be about 2 percentage points below your current mortgage rate in order for the mortgage refinance to make sense. However, with newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.

Make sure you understand what the underlying closing costs will be on your new mortgage loan, in addition to the mortgage rate before making your home mortgage refinance decision.

Other Lenders who may compete for your business

Wachovia Mortgage
Novastar Home Mortgage
Countrywide Mortgage
Suntrust Mortgage
CitiFinancial Mortgage
....and more than 100 other leading lenders

Mortgage Types
Mortgage Refinance
2nd Mortgage
Reverse Mortgage
Adjustable Rate Mortgage
Fixed Rate Mortgage
Interest-only Loan