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Refinance

 

 

 

 

 

 

 

 

 

 

 

Save Money with a Refinance

With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and potentially improve your overall financial outlook. Determine if refinancing is right for you by using our refinance calculator .

 

Refinance Highlights

Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:

  • Shorten your loan’s term to save even more money
  • Refinance to a lower interest rate which might also lower your monthly payments
  • Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases
  • Combine a first and second lien to a single loan for simplicity and savings
  • Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments
  • Turn your home equity into cash

Refinance Options

Cash-Out Refinance*

A cash-out refinance allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt or home improvements.

*Appraised property value may affect loan amount.

 

Adjustable-Rate Mortgage (ARM)

Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

 

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments which means you are building home equity faster. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

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Developer's Mortgage Company

Corporate Office:

2700 Dublin Granville Road, Suite 460

Columbus, OH 43231

P: 614-523-0301

info@hladmc.com

 

NMLS Entity ID #225548
HUD Mortgagee #3836109998
VA #25557
Fannie Mae Seller

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