Refinancing Your Mortgage
What is a Refinance? Also referred to as a Refi, it is a new mortgage loan that is used to pay off the existing loan. A Refi is an excellent way to do a number of things, depending on your needs. In some instances, you can lower your interest rate by refinancing, which can result in a lower monthly payment and substantial savings over the life of the loan. If the property has equity, a Refi is a great way to get cash-in-hand with what is called a Cash-out Refi. Regulatory agencies only allow a Refi if it offers what is known as Net Tangible Benefit to you. Since we are bound by their regulations, rest assured we will only recommend a Refi if it is in your best interest. Following are some of the key Refi features.
Rate/Term aka No Cash-out Refinance
A Rate/Term Refi allows you to refinance the unpaid principal balance on your existing mortgage. This Refi can be used to accomplish one or more of the following (not an exhaustive list):
Lower Interest Rate
Change Term (e.g., 30-year to 15-year)
Change Product (e.g., Adjustable Rate Mortgage to Fixed Rate)
Cash-out Refinance
If your home has appreciated in value and/or if you have built up equity through steady monthly mortgage payments, a Cash-out Refinance allows you to tap that equity. This Refi is an excellent way to get one or more of the following (not an exhaustive list):
Cash-in-hand (actually, in the bank) to spend as desired
Debt Consolidation (pay down and/or pay off other obligations)
Home Improvements and Renovations
*Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan
By refinancing your current loan, your total finance charges may be higher over the life of the loan.
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*By refinancing your current loan, your total finance charges may be higher over the life of the loan.
A pre-approval does not constitute a loan commitment or guarantee of a loan. Pre-approval is subject to a satisfactory appraisal, satisfactory title search, and no meaningful change to borrower’s financial condition.
Branch NMLS #237341. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the California Financing Law License (6038771) and holds a CA Bureau of Real Estate, Real Estate Broker’s License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 237341. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Financing Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where American Financial Network, Inc. is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID #237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. American Financial Network, Inc. is an Equal Housing Lender.
This website is only intended for consumers in the states in which Seth Daniels (NMLS #262329) is licensed.
