Maximizing Your Mortgage Benefits
Refinancing is the process of replacing your current mortgage with a new one, typically to obtain a lower interest rate, reduce monthly payments, or change the loan term. It is the opportunity to take advantage of changes in interest rates or home equity.
Benefits:
Here are some of the benefits of working with us:
- Refinancing often secures a lower interest rate.
- Homeowners can convert their home equity into cash.
- It potentially saves thousands of dollars in interest over the life of the loan.
- Refinancing enables homeowners to consolidate high-interest debt.
- It provides the opportunity to adjust loan terms.
Lower Monthly Payments
Refinancing can lead to lower monthly mortgage payments by securing a new loan with a lower interest rate or extending the loan term. Homeowners can access their home equity through a cash-out refinance, allowing them to use the equity for debt consolidation.
Shorten Loan Term
Refinancing into a shorter loan term can help homeowners pay off their mortgages faster and save on interest payments over time. Refinancing can be used to consolidate high-interest debt into a single, more manageable mortgage payment, potentially saving homeowners money on interest.
Closing and Funding
Upon approval, we schedule the closing meeting where you’ll sign the necessary paperwork to finalize the refinance. Once completed, your new loan will be funded, and your old mortgage will be paid off.
Other Services
At Impact Mortgage, we believe everyone deserves a place to call home. Get started today!
Prequalification:
After understanding your needs, we’ll help you get prequalified. This involves reviewing your finances to estimate how much you can borrow and what type of loan might be best for you.
Loan Processing:
After submitting your application, our team will process it. We’ll verify the information provided, conduct a property appraisal, and review your credit history.
Loan
Approval:
Upon approval, you’ll receive a formal loan commitment outlining
the terms and
conditions of
the mortgage.
Closing:
Finally, we’ll schedule a closing meeting where you’ll sign the necessary paperwork to finalize the loan. Once completed, you’ll officially become a homeowner!
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