Refinance Your Home
Looking for new mortgage financing or to refinance your home? It’s easy here at Commonfund Mortgage!
Refinance today with our easy loan process and you could realize substantial savings for only a few minutes of your time. Contact a Loan Officer for more information. A Commonfund Mortgage Refinance specialist will contact you and answer all your questions. Then just finish your application and get your confirmation. It’s that simple!
What is a Mortgage Refinance?
When you refinance your mortgage, you are basically swapping out your current mortgage loan and/or home equity that you have built up for a new mortgage. There are 2 different types of new mortgages to get:
- Rate/Term Refinance- Just restructure your existing mortgage loan into a new loan that has a better rate or a better term for your current and long term financial goals
- Cash-Out Refinance- You liquidate some of your home’s current equity, creating a new loan that consists of your old mortgage payoff and any cash that you take out.
- You can eliminate mortgage insurance payments if the value of your home has increased.
- Pay off current balances on mortgages, home equities, and others debts and combine into one new payment
- Walk away with cash for home projects or anything else you want to do with the equity you’ve built up in your home
- Lower your monthly payments by taking advantage of lower rates
- Change your loan term you can extend out or shorten your existing term
- Has your credit score changed since you originally gotten your loan? If so it may be time for a loan checkup.
- Your credit report may even improve by refinancing, since this will show your old loan as being paid off.
- Converting an adjustable rate mortgage (ARM) to a fixed-rate mortgage so you can enjoy payments that won’t change over time.