Refinance Options

Achieve lower rates and get more money in your pocket.

There are an enormous number of refinancing options available to borrowers. Find the closest location to you by clicking here and we can match you with the loan program that is best for you. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.

Lowering Your Payments

Are getting lower mortgage payments and an improved rate your main reasons for refinancing? If so, applying for a low, fixed-rate loan might be a wise option for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest varies.

Even if rates rise later, unlike with your ARM, when you close a fixed rate mortgage, you set that low interest rate for the term of your loan. This can be especially a good choice if you don't think you'll be moving within the next 5 years or so. However, an ARM with a initial low payment may be a smarter way to lower your mortgage payments if you plan on moving in the next few years.

Getting Out some Cash

Is "cashing out" your primary reason for refinancing? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a special family vacation. In this case, you will need to get a loan for a higher amount than the balance remaining on your current mortgage.

You might not have an increase in your monthly payment, if you have had your existing loan for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Perhaps you'd like to cash out some of the equity (cash out) to put toward other debt. If you have some debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have the right amount of home equity.

Building up Equity More Quickly

Do you need to build up home equity more quickly, and pay off your mortgage more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage. Although your monthly payments will usually be increased, you can save on interest; so your home equity will rise up faster. However, if you have had your current thirty-year mortgage loan for a number of years and the remaining balance is rather low, you could be do this without increasing your monthly mortgage payment — it's even possible to save!

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Element Funding is a Division of Primary Residential Mortgage Inc. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval.
Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend.