Now is the Time to Refinance

agcu2023 on February 2, 2022

Now Is The Time To Refinance

Cash Out Refi

HOW CAN EXTRA CASH HELP?
YOUR QUALITY OF LIFE MATTERS Decrease the burden of medical debt. 1 PAY MEDICAL EXPENSES HOME IMPROVEMENT Increasing the quality of your life and home. GROW YOUR SAVINGS AND RETIREMENT SCHOOL TUITION Use equity to help start your retirement. Pay off school debt, or this year’s tuition.HIGH-INTEREST LOANS CONSOLIDATE DEBT Your debt will be easier manage under one low interest rate
MORE WAYS TO REFINANCE
RATE-TERM REFI Shorter term — Go from a 30-year loan into 15-year loan: Longer term — Go from a 15-year loan to a 30-year loan: Pay less interest over time, save thousands. Refinance to save money by changing your loan’s terms. Monthly mortgage payment can drop by hundreds. Eliminate private mortgage insurance (PMI) if you have 20% equity. Roll a piggyback loan into your first loan (they often have higher rates). Switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan orvice-versa: ARMs are suitable for people who plan to only stay in their homes a few years, need liquid cash each month, or who expect a boost to their income in the near future.
Bonus BORROWERS WITH FHA, VA, AND USDA LOANS MAY BE ELIGABLE FOR A STREAMLINED REFINANCE.² Less paper work No income verification Appraisal may be waived No debt-to-income (DTI) evaluation

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1 CoreLogic, Homeowner Equity Insights report, data through Q3 2021.

2 The Mortgage Reports, “The Streamline Refinance: Get Today’s Low Rates With Almost No Paperwork,” February 28, 2020.