You aren’t stuck with the mortgage you used to buy your house. If you wish you had a lower payment or you want to use your home equity, there are many mortgage refinance programs available to help you reach your goals.
At Priva Mortgage, we can help you reach your financial goals, getting you the mortgage that meets your budget and gives you maximum use of your equity.
When you refinance, you pay off your existing mortgage with a new mortgage. You might borrow the same amount as you owe right now or more if you have equity in your home. The new loan pays off your existing loan and you make mortgage payments to a new lender.
Refinancing works much like when you bought your home. You apply for a mortgage, asking for a specific loan amount. Some borrowers apply for a higher loan amount and use the difference to consolidate debt, make home improvements, or pay for large expenses. Others want the same loan amount but want a lower rate or better terms.
You prove you can afford the loan by providing your income and asset documentation and we underwrite your loan. Once you are approved, we close on the loan, paying off your old mortgage with the new loan.
There are many reasons to refinance, but here are the most common:
Just like when you bought your home, you should time your refinance so that you get the best rates and terms. If you’re trying to save money on your payment, make sure your credit score has improved and you have equity in the home.
If you’re trying to tap into your home’s equity, wait until your home appreciates enough that there’s enough equity to withdraw and use for your intended purpose.
When you refinance, you can choose any loan program. For example, if you used an FHA loan when you bought the home, but you have a higher credit score and lower debt-to-income ratio, you may qualify for a conventional loan when you refinance.
Our loan officers will walk you through each loan program and help you choose the option that makes the most financial sense.
At Priva Mortgage, we are here to help you achieve your financial goals. We offer a large selection of mortgage programs for refinancing to make it easy for you. Whether you’re trying to save money or want to use your home’s equity for other purposes, we have a program for you.
Contact us today to learn more about how we can help you make the most of your home’s equity and homeownership today!