Make Your Mortgage Work For You!
— Let's Refinance Your Home Loan
A mortgage refinance is the replacement of your existing mortgage with a new loan that may have different or more favorable terms, such as a shorter repayment term, a lower interest rate, or lower monthly payments (total finance charges may be higher over the life of the loan).
Refinancing is a term that intimidates some homeowners, but don’t worry — the HMAC Team Cal Point Mortgage team is here to educate you, and provide the necessary support so you can meet your financial goals. Refinancing often results in a more favorable financial situation.
Benefits Of Refinancing Include:
Lowering Your Interest Rate
Obtaining a lower interest rate can help you save money over the life of the loan.* Refinancing can reduce your monthly payment initially, but that doesn’t always mean it will save you money in the long run, as total finance charges may be higher over the life of the loan. Fees and interest rates also need to be considered when calculating if your new mortgage will save you money over the entire life of the loan. A licensed loan officer will be able to help you decide if refinancing is right for you. We’ll help you calculate at which point you will break even and begin to save.
Modifying the Term of Your Loan
Changing the term on a mortgage (for example, from 30 years to 15 years) can help you achieve specific financial goals. Shortening your term may help you avoid penalty clauses if you plan to pay off your loan early. With a shorter term, you will pay less interest over the life of your loan. You may also be able to extend your repayment term if needed.
Consolidating multiple debts into one easy-to-manage loan can make life easier and potentially save you money, particularly if other debts feature higher interest rates.
Converting your existing loan from an adjustable rate mortgage into a fixed rate mortgage will provide you with fixed monthly payments that remain the same throughout the duration of the loan.
Converting multiple mortgages into one mortgage can make repayment simpler and potentially save you money.
Free Up Cash
With a cash-out refinance loan, you can get access to funds home improvements, college tuition or unexpected medical expenses. The purpose of this type of loan is to extract equity from your home.