Providing Mortgage Refinance Options for Homeowners

The current financial landscape has made many people interested in mortgage refinance options. If you refinance your mortgage, you might get a loan that is more favourable to you and your wallet.



Here is the information you need to know about mortgage refinancing.

What is Mortgage Refinancing and How Does it Work?

When you refinance your mortgage, you replace your existing loan with a new one. This is usually done through a different lender. The goal is usually to replace the terms of your existing mortgage with ones that are more favourable to you.

The Benefits of Refinancing your Mortgage

One of the main reasons that people finance their mortgage is to save money. For instance, you might want to see if you can get a lower interest rate. If your financial situation has improved since you signed your mortgage, or if the market has changed, you might be able to get a lower interest rate on a new mortgage and that can save you a lot of money every month.

However, recently, interest rates have increased. Therefore, it could be tough for you to get a lower interest rate if your mortgage is only a few years old. Refinancing may still be beneficial to you though. That’s because you can change the type of mortgage you have, switching from a variable-rate mortgage to a fixed-rate mortgage, for example. Depending on the details, doing this could save you money.

You can also refinance to change the length of your loan. You may want to shorten your loan to pay off your home faster, or you might want to lengthen it to pay less each month. This will depend on your financial situation.

The Different Types of Mortgage Refinancing Available

There are three basic types of mortgage refinancing available:

• Rate-and-term refinancing
• This changes either the interest rate you’re paying or the length of your mortgage
• Cash-out financing
• In this situation, you’re taking cash out of your home, increasing your mortgage debt.
• Cash-in refinancing
• This involves putting more money into paying your mortgage principal

There are other options available as well. Talking to an experienced mortgage professional can help you understand these options and decide if they are right for you.

How to Qualify for a Mortgage Refinance Loan

If you’re looking to refinance your mortgage, lenders will look at your credit score, but that’s not the only factor they’ll take into account. They will also look into how much debt you have, how long you’ve owned the home, how much equity you have in the home, and much more.

The Steps Involved in the Refinancing Process

The process of refinancing is similar to getting a mortgage. You can look around at different lenders who will review your financial situation and determine the risk of lending to you. It’s important to look at the rates offered by several different lenders. Since the goal is to find a mortgage that works better for your financial situation, it’s important to look at several lenders to see who is able to offer you the best mortgage for your situation.

As mentioned, one factor that lenders will consider is your credit situation. Your credit report and the score associated with this report will give them some information that will help them determine how risky you are to lend to. What is a good credit score? In general, a score of around 670 or higher is considered good.

However, even if you don’t have the best credit, that doesn’t mean you can’t refinance your mortgage. We can help. 

Things to Consider Before Refinancing your Mortgage

One of the main things to consider is whether it makes financial sense for you to refinance your mortgage. Talking to a professional, such as the team at EasyMortgageLend.com, can help you. We’ll look at your financial situation, your credit score range, and more and help you find a rate that makes sense for you. Please contact us online or give us a call at (647) 895-3921 to talk to a member of our team.