Refinance Options

Element Funding offers a number of refinancing options to borrowers. Whether you are wanting to lower your interest rate, lower your monthly payment, take some available equity out (cash out), or consolidate debt, we have a program for you.

Lowering Your Monthly Payments

Are lowering your interest rate and monthly payments your main reason for refinancing? Do you currently have a higher fixed rate loan, or an adjustable rate mortgage in which the interest rate can vary from year to year?

If so, applying for a low fixed rate loan might be a wise option for you if you plan on staying in your home for a number of years. We also offer adjustable rate mortgages, where the initial term is fixed for 3, 5, 7 or 10 years, and offer you a lower initial fixed rate. These programs may better suit your needs if you plan on moving in the next few years.

Cash-Out Refinance Loans

Are you looking to cash out on some of the available equity in your home? Perhaps you are looking to update your kitchen or bath, pay for your child’s college tuition, consolidate your existing debt (i.e. credit cards with those exorbitantly high interest rates), consolidate your 1st and 2nd mortgages, or take that special family vacation.

In this case, you will need to obtain a loan that is higher than the remaining balance on your mortgage. If you have had your existing loan for a number of years or your current home is at a higher interest rate, you may not even experience an increase in your monthly mortgage payment despite an increase in your loan.

Rate and Term Refinances

A rate and term refinance allows you to pay off your existing mortgage, or consolidate your existing 1st and 2nd mortgage (or Home Equity line of credit) and roll in all your closing costs and lower your interest rate and/or term. This is a great option for those looking to lower their monthly payment without taking out any additional equity.

Building Equity

Are you looking to build up the equity in your home more quickly and payoff your mortgage faster? Consider refinancing to a mortgage loan with a shorter term, such as a 15 year fixed rate loan program. Although your mortgage payment may experience an increase, a shorter term loan affords you a lower interest rate, and by paying it off sooner, you will build up your equity faster. In some cases, if you have had your 30 year loan for a number of years at a higher interest rate, it is also possible that by refinancing to a 15 year fixed you may not experience an increase in your monthly payment.

Find the closest Element Funding location to you by clicking here and we can match you with a loan program that fits your individual needs.
 
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.