Refinance Loans

Get Cash Out or Save Money with Rate / Term Refinancing

Are you considering taking advantage of lower interest rates, or maybe getting cash out via mortgage refinancing in the metro New Orleans, LA area? The professional loan officers at America’s Mortgage Resource with offices in Metairie, New Orleans, Baton Rouge and Mandeville, LA can provide you with a customized rate quote on a rate and term or cash out refinance today!

Refinancing 101

So, what exactly is refinancing? It is the process of applying for a new mortgage in order to lower your interest rate, reduce your monthly payments, to consolidate debts into a single loan, change to a different mortgage company, or to take cash out of your house for large purchases such as a car, household appliances, or for paying off credit card debt.

Refinancing your mortgage can be a great way to save money on your monthly note if you can reduce the interest rate that you pay on your home. In certain circumstances, you can also refinance your home to obtain cash out to pay bills or for any other special needs. You may also be able to consolidate some of your outstanding debts as part of the refinance.

 

Reducing Loan Terms

Another important benefit of refinancing is when a borrower who can reduce the number of years they have remaining on their loan. For instance, if you have a 30 year mortgage and are able to refinance to a lower rate on 15 years, you may be able to payoff your loan in a much shorter time frame and possibly keep your payment at a similar level. In this scenario, even if your payments stay the same, you will end up paying less in the long run when the total amount of interest is added up.

Get a Customized Quote

It is important to look into how much it will cost to refinance your home and to determine if these costs are worth the effort. For example, does your current mortgage have a prepayment penalty in its policy? What other fees or penalties will you need to pay for refinancing your home?

In some cases, a certain amount of fees and penalties may be worth paying when compared to the long-term savings you will benefit from, especially in today’s super-low rate environment. However, it is important to look into all aspects of the process and to consider your personal credit history before you refinance your mortgage.

A loan officer from America’s Mortgage Resource with offices in Metairie, New Orleans, Baton Rouge and Mandeville, LA can help you evaluation a refinance loan to see what makes most sense for you.