When interest rates are low, many homeowners consider refinancing their mortgage. A lower rate could mean a smaller monthly payment which translates into significant savings over the life of your loan! Depending on your current terms and financial situation, you may qualify for:
- Fixed Rate Mortgage: The mortgage interest rate and monthly payment stay the same for the entire term of the loan.
- FHA Refinance Program: For those who currently have an FHA loan, you can refinance debt up to 95% of the home’s value with this program.
- VA Interest Rate Reduction Refinance Loan (IRRRL): A federally insured loan program helps veterans refinance an existing VA Home Loan into a loan with lower interest rate.
A loan consultant can assist you with selecting the right option.
