Refinancing a Home

Refinancing a Home

 

WA First Mortgage Refinance

In the world of lending nothing takes the place of experience.

Understanding the variations on every loan program, while understanding the financial needs of the borrower comes from years of experience.

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It feels good to know you are making the right decision for your financial situation. While refinancing can be the right answer, you will want to get the right information to make the best decision for your individual situation.

WA First Mortgage has access to over 50 national and local lenders as well as an in house bank line. This gives our Loan Originators access to hundreds of loan programs and pricing options to choose from. Having  these options gives you a better chance of finding a mortgage program that best benefits you, with our the hassle of calling around to dozens of banks. 


 

Rate Term Refinance

A Rate Term Refinance is the refinancing of an existing mortgage for the purpose of changing the interest and/or term of a mortgage without advancing new money on the loan. this differs from a cash-out refinance, in which new money is advanced on the loan. Rate and term refinances can carry lower interest rates than cash-out refinances. 

Key Features:

  • Get a lower interest rate. Lowering your rate by as little as .25% can make a substantial difference in interest paid over the life of the loan.
  •  Switch from an adjustable-rate mortgage to gain the budgetary security of a fixed-rate mortgage.
  • Consolidate first and second mortgages into a single mortgage with a lower interest rate.
  • Pay off your mortgage faster by shortening the term of your loan.

Cash-Out Refinance

In the case of common usage of the term, cash out refinancing refers to when equity is liquidated form a property above and beyond sum of the payoff of existing loans held in lien on the property, loan, fees, costs associated with the loan, taxes, insurance, tax reserves, insurance reserves, and in the past any other non-lien debt held in the name of the owner being paid by loan proceeds. 

Key Features:

  • Pay off high-interest credit cards
  • Paying off high-interest credit cards could boost your credit score
  • You could benefit on your taxes: Eliminating High-Interest credit card debt and moving it to mortgage debt could enable you to deduct the mortgage interest on your taxes
  • Reduce other debts
  • Use the money you receive through your Cash-Out Refinance to do home improvements which could increase your home’s value down the road

 


 

Streamline Refinance

Streamline Refinancing was introduced as a way to speed up the home refinancing process by reusing the original loan’s paperwork. Streamline refinancing has become more popular because of the reuse of the original home’s appraisal. Streamline refinancing is an option for borrowers who want to take advantage of low interest rates. Both FHA and VA offer streamline refinancing for home mortgages. 

Key Features:

  • No appraisal
  • Lower your current interest rate
  • No income verification
  • Remove Private Mortgage Insurance (PMI)

 


Learn More About Home Mortgage Loan Options

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