Home Mortgage Refinancing
Refinancing Home Loans in NH
To refinance is to get a new mortgage that is better than the one you have now. The process of refinancing is similar to purchasing a home, only easier and less expensive. When you refinance, you can save money and take cash out of the equity in your home. There's more than one way to refinance a mortgage, and the loan program you end up with will be based the underlying reasons for refinancing.
When should you refinance your home? Here are 7 common objectives.
- Lower your monthly payment with a lower interest rate. A great choice for homeowners whose interest rate is higher than today’s prevailing rates.
- Consolidate your first and second mortgages into one mortgage. This is a smart move for homeowners who want to protect themselves from the expected increases in home equity line of credit (HELOC) interest rates.
- Take cash out of your home’s equity to make home improvements. Savvy homeowners won’t use credit cards to pay for home improvements if they can lower your current mortgage rate and borrow a little extra for home improvements.
- Take cash out to consolidate credit card bills or other debts. If you have credit card debt, nothing will lower your total monthly debt load quite like paying off credit card debt with a lower rate mortgage refinance.
- Drop PMI (private mortgage insurance). This is what every smart homeowner should plan on doing when they get to a 20% equity position. Eliminating PMI as part of a lower rate refinance is just plain smart.
- Drop a spouse from your loan. Read the details in this great article, Refinancing after divorce.
- Pay off your mortgage sooner. Homeowners who have a plan to get their mortgage paid off quickly will often refinance to a really low interest rate, 10 or 15-year mortgage.
We can easily help you determine whether you should refinance… and at what interest rate. We’ll need to know:
- Roughly how much you owe on your current mortgage.
- Current loan interest rate.
- Your refinancing goals.
Just send me a quick email or call me at 603-471-9300.
To begin your application, be sure to have a PDF or picture of the following items in hand:
- Your two most recent tax returns (1040s, schedules, and W-2s)
- Your two most recent pay stubs (if you receive them)