Refinance of Existing Loans
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Lender Ace can help you take advantage of refinancing opportunities. Mortgage rates have dropped to near record lows, making a refinance sensible and attractive to many borrowers. We will be happy to help you understand the opportunities and disadvantages (if any) of refinancing and show you how you could benefit from refinancing. Below are a few reasons people choose to refinance:
Rate/Term – This type of refinance is used when you are simply refinancing the terms of your current loan to one that beter suits your needs. Usually it is done to reduce the interest rate of your current loan, which reduces the monthly payments, or it can be used to reduce the term of the mortgage in an effort to pay off the existing mortgage faster. Rate/Term refinances are a wonderful way to improve your monthly payments or to help you own your home sooner. I will help you calculate if it would be beneficial to your specific needs.
Debt Consolidation – This type of refinance is done by using the equity in your home to consolidate your other personal debt into one monthly payment. It provides you with an improved monthly cash flow, better tax advantages, fewer payments, and with no pre-payment penalty the ability to pay the entire debt off faster. Several different loan programs can be used on this type of refinance and I will assist you in selecting the program that best fits your needs.
Cash-Out – This type of refinance is used when individuals wish to take equity from their home with no specific purpose. The equity or cash taken from the home can be used at the borrower’s discretion whether it is for the purchase of another home, investment purposes or simply to purchase a new vehicle. Additional tax benefits can be used on the amount of money taken out. Loan to value limits may apply.