Refinance
Pauling Homes Team is not a financial institution, but we work closely with First Class Mortgage as a trusted partner and lender.
A mortgage refinance is the replacement of an older mortgage with a new home loan that has different terms such as reduced interest rates, lower monthly payment, etc. Refinancing a mortgage can often save a homeowner a substantial amount of money over the life of a home loan and/or help achieve other goals.
Common Refinancing Goals
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Lower monthly payments
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Reduce interest rate
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Shorten term
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Remove mortgage insurance
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Convert to a fixed-rate mortgage
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Debt consolidation
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Home improvement
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Buy property
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Divorce
Refinancing Types
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Rate Term Refinance- If you want to make payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage with a traditional refinance loan. Traditional loans are backed by Fannie Mae or Freddie Mac, and they are generally the lowest-cost refinance loans.
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Streamline Refinance- Many lenders offer "streamlined" alternatives to lower costs and make refinancing more accessible. Programs include: FHA, IRRRL, and USDA.
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Cash Out Refinance- A cash out refinance pays off your current mortgage and uses your home equity to provide additional money for other uses. Conventional 80% LTV, FHA 80% LTV, VA 100% LTV.
