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Refinance Home Loan

What is a Refinance Home Loan?

Refinancing a home loan means that a borrower gets a new home loan, in order to pay off their current home loan.

Though one of the most advantageous reasons to refinance a home loan is to get a lower interest rate, the reasons can vary based on each borrowers’ scenario. A refinance can be used to fund a large purchase, change the terms and length of your repayment, etc.

The cost of refinancing can be between 3%-6% of the principal of a home loan.

If you would like to learn more about FHA Loans and their requirements you can call one of our High Balance Loan Experts at (303) 947-5147.

Replaces Current Loan

A refinance home loan allows borrowers to pay off an existing home loan with a new one.

Lower Interest Rates

If interest rates drop, you can reduce the interest on your loan.

Change Terms of Current Loan

You are able to get better terms than your original home loan.

Refinancing Fees

There is a cost to refinancing, which might be more than the benefit.

Michael Joseph DelVecchio (CO:100013058 NMLS:195236) is an agent of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. CO: Mortgage Company Registration – Regulated by the Division of Real Estate - © 2019 Draper and Kramer Mortgage Corp. All Rights Reserved. Privacy Policy | Licensing | NMLS Consumer Access