Refinance Your Mortgage

If you can improve your interest rate by at least two percentage points, then it is a good time to refinance. While that may work as a general rule, the truth is that there are many reasons to refinance.

 

Cash Out

If you already have substantial equity in your home, you can access it through a “cash-out refinance” mortgage.

What is home equity? Home equity is the difference between your home’s fair market value and the total balance of any liens or mortgages on your home. Think of it as your ownership interest in your home.

Home equity accumulates in four ways:

  1. Money committed in the original down-payment

  2. Appreciation in the local housing market over time

  3. Physical improvements or renovations to the home

  4. Principal payments on the mortgage itself

Through these four avenues, cash value—or equity—steadily builds up in the property.

Putting your equity to work for you

The good news is that the cash in your home doesn’t have to stay “buried.” If you’ve been thinking about paying off credit card debt, saving money for your children’s college, making home improvements, or adding to your retirement fund, you can put your equity to work for you.

In addition, if an unforeseen expense arises—or your employment situation changes—your home’s equity can help.

NMLS# 149728  I   Co. NMLS# 3138

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Christian Roberts Mortgage (CRM), and its loan officers, are not liable for information, claims or agreements made by/between the public and third-party entities. These third-party entities may include, but are not limited to: builders, developers, or real estate agents. Even though the loan officer co-sponsoring this site makes efforts to update the information contained, much of it is provided by independent vendors and data feeds, and thus, this site may contain errors, outdated information or purchase conditions, promotions, incentives and/or possible omissions. CRM cannot guarantee the accuracy of information provided, and we encourage buyers to complete their own due diligence in making a decision to build or purchase a home. We also suggest that you seek the professional representation/advice of a licensed Realtor®, as well as any other licensed professional that is appropriate to your purchase decision, including, but not limited to: attorney, accountant, or certified financial planner. Visitors to this site are responsible for the use and decisions made regarding the purchase of a home with regards to the information contained herein.CRM is an Equal Housing Lender.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant. Christian Roberts Mortgage. is an Equal Opportunity Lender.