Make possible happen with a refinancing.
There are many reasons people refinance their mortgage, but the most common are to either save money on their monthly mortgage payment or reduce their interest rate.
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Frequently asked questions
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What is mortgage refinancing?
There are many reasons people refinance their mortgage, but the most common are to either save money on their monthly mortgage payment or reduce their interest rate.* Some people also take advantage of refinancing to shorten the length of their mortgage or to access some of the available equity in their homes to cover other expenses.
Good reasons to refinance your mortgage?
- Lower your payment
- Take cash out to pay off high interest debt or improve your home
- Pay off your loan faster
- Get a low rate for the life of your loan
How often can I refinance my home?
Limitations on refinancing can vary from state to state, so you’ll want to check the regulations for the specific state where the property is located. Another factor to weigh is payoff fees, which are different from prepayment penalties. While prepayment fees are meant to prevent you from paying off additional principal, an early payoff fee is a fee paid to the originating lender for loans that have only been on the books a few months. Your loan officer can tell you which types of loans carry these kinds of restrictions.
What is a rate-and-term refinance?
A rate-and-term refinance lets you change the term (which includes the length of your loan and payment amount) or interest of your loan or both. This gives you options to lower your rate, bring in cash to lower your principal loan balance or pay off your loan faster.
what is a cash-out-refinance?
Get an estimate for the amount you’ll be able to borrow, so you can confidently search for homes within your budget. With Pilgrims Mortgage, you can get pre-qualified in as little as three minutes with no impact to your credit score.
