Wisconsin Mortgage Refinancing Benefits
If you own your own home, you know that your home is a prized possession and your greatest long term investment, but it is also your biggest debt. You can improve your financial situation and lower your mortgage payments by managing this debt and using your home equity in a way that works for you. So when does it make sense to refinance your mortgage?
Reason for refinance:
- You can lower your interest rate and monthly mortgage payment.
- You can change from an adjustable mortgage to a fixed rate.
- You can shorten the mortgage term and build equity faster.
- You can consolidate your debt and lower your total payments.
- You can take out cash from your home’s equity to use for other needs.
A few things to check to see if it makes sense to refinance your mortgage :
- Are current interest rates lower than what you have now? If so,
a refinance may save you up to hundreds of dollars per month..
- Are you in an adjustable rate mortgage (ARM)? Converting into a fixed rate is a way to insure you lock in to the security of knowing what your interest rate and payment will be going forward.
- Do you have a lot of other debts? If you have built up equity in your home, you can use this equity to pay off credit cards and other debts and restructure your debt so you pay less for your bills every month. Consolidating your debts into a new mortgage can not only lower your interest rate and payment, but the mortgage is tax deductable.
- Do you want to pay your mortgage off faster? If rates are lower, you may be able to pay your loan off faster without paying much more per month than you do now.
You can refinances into any type of loan. The loans offered are: –
Conventional Wisconsin Mortgage Refinances – these are for both rate and term and cash/out refinancing up to the conforming loan limits.
FHA mortgage refinances offered are:–
FHA rate and term – You can lower your interest rate and shorten the term of your mortgage. FHA allows you to refinance up to 96.5 % of the home’s current value.
FHA Cash/out refinance – With this loan you can consolidate debts or withdraw cash for other uses up to 85% of the value of the home. FHA cash out can be of great help for many borrowers.
FHA Streamline refinance –Refinance into a lower payment with less documentation required.
Wisconsin FHA 203k – You can use this refinance to make improvements, remodel or repair your home The extra cost can be added to the mortgage amount.
Wisconsin VA mortgage refinances – This is used for active military and veterans (and their spouses, if they are married). One of the best mortgages available is the VA IRRL or VA streamline refinance, where you can refinance with refinance can be done with less documents and no appraisal. You can also do rate term and as cash/out VA refinancng.
Wisconsin Jumbo refinances – We have programs where you can refinance into lower rates no matter how big your loan may be.
Wisconsin Home Affordable Loan Programs – Getting a refinance can be a challenge if your home has lost value because of the real estate slump. But there are government mortgage programs specifically for home owners who have lost equity in their homes but could benefit from refinancing their mortgage. Your loan has to be owned by either Freddie Mac or Fannie Mae to qualify.
