Refinance January 16 2020

Is a Mortgage Refinance Right For You?

You’ve probably heard by now that refinancing your home loan may result in benefits like lowering your monthly mortgage payments. But how does that work, exactly?

Refinancing your current mortgage means that you’ll actually be getting an entirely new loan. This is an opportunity to obtain a lower interest rate or shorten the length of your loan period. You can even gain access to cash in order to pay off other debts or fund a home renovation project with a loan called a cash-out refinance.

Top Reasons to Refinance:

  • Lower your monthly payment
  • Get a lower interest rate
  • Pay off your home loan faster
  • Turn your equity into cash
  • Get rid of Private Mortgage Insurance (PMI)
  • Switch to a fixed-rate mortgage

Typically, refinances close faster than purchase transactions and may require less paperwork. Because it is a new loan, closing costs will often be required. The type of refinance that is best for your specific situation will depend on what you are trying to accomplish.

A rate-and-term refinance will allow you to obtain a new rate, a new loan term (length of your mortgage), or both. You might choose this type of refinance if you wanted to reduce your 30-year mortgage to a 15-year mortgage or reduce your interest rate. If you qualify for a lower interest rate, your monthly mortgage payments could be lower – resulting in more cash in your pocket each month!

A cash-out refinance replaces your existing mortgage with a loan amount above what you owe on your home. It pays you the difference between your loan balance and the home’s value. With home values rising all over the country, you may have enough equity in your home to use it for things such as a home renovation project, going on that dream vacation or paying off debts. These typically have higher interest rates than rate-and-term refinances.

Your needs as a homeowner today may be different from what they were when you originally purchased your home. Eagle Home Mortgage is here to help you assess whether a refinance is the right choice for you and guide you through your new financing journey. You can get started today by getting pre-qualified using Eagle’s Digital Mortgage.

Search Results for query

February 20 2020

Haven't Considered a Refinance? You Should!

When you refinance, you are replacing your current mortgage with a new home loan. This new home loan also comes with a new term, interest rate and monthly payment that is normally more affordable in the long-run. Refinancing can present a number of benefits...

Read More

February 14 2020

Buying a Home Together

Moving in together is a big step in any adult relationship, but buying a home together comes with a whole new set of hurdles. A home is often the most expensive purchase that you will be making…together! Below are some tips to help you prepare for this...

Read More

February 06 2020

Tax Incentives for Homeowners*

The dream of homeownership comes with many financial incentives. These financial perks extend beyond the more obvious such as building equity and investing in your future, to the size of your tax return each year. Tax season is fast-approaching, so we thought it...

Read More

January 30 2020

Save Time, Close Online with Eagle Express Close

After you’ve gone through the loan process, gotten that clear to close and your Lennar home is ready for you to move in, it’s time for the closing process. Closing is the final step before that new home is officially yours!

Read More

January 23 2020

New Decade, New Design Trends

If you’re looking to tackle a new project in 2020, look no further than your own home. The new decade is a perfect time to update your living spaces.

Read More

January 16 2020

Is a Mortgage Refinance Right For You?

You’ve probably heard by now that refinancing your home loan may result in benefits like lowering your monthly mortgage payments. But how does that work, exactly?

Read More

January 10 2020

How do Interest Rates Affect Purchasing Power?

Purchasing power refers to the price of the home you can afford based on the budget you have available. Naturally, if interest rates start to increase, you will not be able to afford the same home on the same budget. In a nutshell, you will be paying more for...

Read More

December 27 2019

4 Refinancing Myths BUSTED

Don't let common misconceptions keep you away from refinancing your mortgage. Consider the 4 most common myths and why they should be kicked to the curb.

Read More

December 20 2019

Decorating Your Home for the Holidays on a Budget

You don’t have to skip decking your halls this season just because you’re on a budget! The holidays can already be an expensive time for many, so we like finding stress-free and inexpensive ways to get into the holiday spirit. Here are some tips for...

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?