Resources to Help Guide Your Refinance Decisions
Making the right decision on whether to refinance, what type of refinance to go with, and which lender to work with is difficult for every homeowner, no matter what their refinancing goal is. Taking advantage of the useful resources that are available to you can really help to ensure that you make the best choices possible and that you get the most out of your refinance. In aid of this, our site aims to simplify the refinancing process so you can find what’s right for you, without the hassle.
Compare the Best Refinance Options
Refinancing your mortgage is essentially the process of replacing your original mortgage loan with a new loan. In doing so, homeowners typically get a lower interest rate or lower monthly payments, which can mean thousands saved over time. In other cases, homeowners may choose to refinance in order to borrow extra cash, which they can then use to pay off debt or put towards home improvement projects.
Whether it’s to save money or to borrow cash quickly, it’s clear that refinancing can be a hugely beneficial move for many homeowners. Although the process can be confusing at first, if you know what your goals are and you understand the basics of refinancing, finding a loan that works for you should be no problem.
One of the best tools we can offer you as you try to make decisions when it comes to refinancing is our refinance calculator. We developed this user-friendly tool to assist you in understanding what you can reasonably expect out of a refinance at any given time. By inputting a bit of information concerning your home’s current value and the state of your current home loan, you’ll receive an estimate on what you would likely pay on a refinance if you took out a loan with today’s rates. The data our calculator uses to reach its estimations is updated constantly, to ensure its accuracy.
As we’ve already explained, there is no one way to refinance, and our calculator keeps that in mind. To get the most out of it, we suggest playing around with it and inputting a variety of variables. By using this resource, you’ll be able to see all the refinancing possibilities available to you.
Refinancing is a huge decision that can reap a lot of benefits, which is why we always recommend that homeowners do some research ahead of time -- it’s important that you know exactly what you want and what you can expect when refinancing. Besides our website and refinance calculator, here are some other trustworthy resources to look at before settling on a lender:
- Mortgages Explained on USA.gov
- Housing Loans on GovLoans.gov
- Borrower Education Materials on FHFA.gov
Although the idea of refinancing may be daunting at first, taking the time to research and consider all your options will make the process much easier to approach.