Friday, August 9, 2013

Refinancing


If you are wanting to either get a more desirable rate and/or terms for your mortgage or if you want to get cash because of the home’s equity, refinancing might be the perfect next step for you. There are two types of refinancing that can help you achieve what you want. There is rate-and-term refinancing and also cash-out refinancing. The point of Rate-and-term refinancing is that you get a new loan in order to pay off your previous loan. This type of refinancing would be used if you want to switch to an ARM mortgage or switch to a fixed rate mortgage. Cash-out refinancing can leave you with the amount of cash that you need to pay off your mortgage. Here at Consumer Mortgage we can help you grasp a better understanding of both and can help you refinance, so give us a call at (757)552-7000

1 comment:

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