For many buyers in a few different situations, refinancing a mortgage is a prudent move. The refinancing process, which involves replacing your existing mortgage with a new home loan, assists many with lowering their payments and interest rates or even changing their loan program – and can even help you build equity in your home in many cases.
At Altius Mortgage and our partners at Mortgage Ogden, we’re happy to offer several home refinance options for those in need. What are some of the options out there in this realm, and why might you be in a position to consider them? This two-part blog will dig into these areas, plus look at a few basic advice areas we can provide you when it comes to making the right decisions and using the refinancing process properly.
As we noted above, mortgage refinancing is the process of replacing your existing mortgage loan with a new one, typically with more favorable terms in at least one area. You do not have to work with the same lender during a refinancing situation, and the process is generally quite a bit simpler to go through than the initial home mortgage application and assessment.
During mortgage refinancing, your old loan will be completely cleared from the books as you begin to make payments toward the new one. There are two broad categories of refinancing to consider:
Here are some of the primary reasons why many people choose to refinance their homes:
For more on mortgage refinancing, or to learn about any of our mortgage loans or services, speak to the staff at Altius Mortgage today.