Refinance Loans

Refinancing Loans are just what they sound like – taking advantage of lower interest rates in order to refinance your mortgage, and resulting in lower overall monthly payments.

There are several instances where refinancing your current home loan may be advantageous, such as:

  • Home Improvement
  • College
  • Debt Consolidation

Peoples Home Equity wants you to know that, when it comes to refinancing your home, it is important that your loan lines up with your family’s financial and personal goals. There are a lot of loan programs out there that you can use to refinance your home, each with its own set of benefits and drawbacks. That is why it is important to sit down with a trusted loan advisor from Peoples Home Equity and discover what home loan or refinancing loan will best fit your and your family’s needs.

How can refinancing benefit me?

There are many situations where home loan refinancing can benefit you.  From saving thousands, consolidating debt to tapping into your home’s equity, refinancing could be the solution to your problems or create opportunities for you and your family.

You May Be Able to Lower Your Monthly Payments

If rates are low, it may be a good idea to lock in your rate to lower your monthly payments. Be aware that we may never be completely sure when rates will rise, so if you find a good rate, don’t hesitate.

  • Don’t overpay! Always take advantage of low mortgage rates.
  • Changing the terms of your mortgage can increase your monthly earnings.
  • With low long-term interest rates, refinancing to a fixed-rate mortgage can be a smart financial decision if you plan on keeping your home.
  • Check out our Refinance Calculator to see how you can save with a new rate on your mortgage.
  • Use our online tools to check out today’s rates.

You Can Consolidate Debt

Refinance to lower rates and get cash to pay off your higher-interest debt. When rates are favorable, it’s not a good idea to wait. We will help you take advantage at the ideal time.

  • Make only one low monthly payment instead of several, and pay less overall every month. Unlike credit cards, the interest is usually tax-deductible.
  • We can help, even if your credit isn’t perfect. Paying off your higher-interest debts faster can even improve your credit rating.

You May Be Able to Get Cash Out

With cash-out refinancing, you refinance your mortgage for more than you currently owe, then keep the difference, in cash. For example, if you owe $80,000 on a $150,000 home, you could qualify for a cash-out refinance for $100,000, keeping the $20,000 check to use as you wish, perhaps to pay off debt or tuition and school expenses. Some things to keep in mind about cash-out refinancing:

  • It is not a home equity loan. A home equity loan is a separate loan on top of your first mortgage. A cash-out refinance is a replacement of your first mortgage.
  • The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan.
  • You pay closing costs when you refinance your mortgage. Generally, you don’t pay closing costs for a home equity loan.

Wondering if You Qualify?

We know it’s confusing, but we’re here to help. Call us for a no pressure conversation about your situation. Every day we help people save money on their mortgage payments through our refinancing program. Contact us to learn more.

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