Refinancing may be right for you if you need to borrow a larger sum of money. With refinancing, you pay off your current mortgage loan with the proceeds from a new loan. Consider refinancing when you can gain a lower interest rate, shorten the term of your loan, or want to get cash out of your property's equity.
Refinancing that includes additional cash is called a cash out. The cash obtained can be used to make major purchases such as automobiles, home improvements, and college tuition. With refinancing, it's possible to achieve a lower monthly payment and interest rate even when you do a cash out.
Refinancing may be right for you if:
Able to Close in 30 days or less