California Mortgage Loan Calculators Las Vegas Nevada Mortgage Loan Officers California

We understand that mortgage loans and mortgage refinancing can be intimidating topics.  That's why we've provided you with the basic overview below, to help you understand exactly how we can help you.  Call us to discuss your particular situation.

What is mortgage refinancing?

From time to time, everyone needs a little extra cash to cover life's unexpected twists and turns, right?  That's where a mortgage refinancing plan can help.  Mortgage refinancing refers to the paying off of one real estate mortgage loan with another loan.  Essentially, there are two types of mortgage refinance situations.  There are two typical mortgage refinance options:

Option 1: The first lien on a property is paid off for an amount less than or equal to the amount of the home’s equity. The amount of the property's equity is provided directly to the borrowers.  This can be in cash or to pay off another debt such as a credit card.  This is known as a rate and term mortgage refinance.  

Option 2: The second mortgage refinance option is known as a cash-out refinance. In this situation, the borrowers take out more than $2,000 of equity from the property, also either in cash or to pay down another debt. Common examples of a cash-out refinance scenario are second mortgages, home equity loans or lines of credit following a first mortgage.

If any of the following apply to you, refinancing your mortgage may be a good choice:

1. You want a better term than is offered by your current mortgage loan, such as a lower refinance rate or lower fixed rate.

2. You want to leverage the equity in your property, either to consolidate your debt into one loan or to use the equity for other purposes.

3. You have a balloon mortgage loan on your property that is about to come due.

If any of these apply to you, call us.  We can help you.