What You Need to Know About Loan Refinancing

HomeBlogWhat You Need to Know About Loan Refinancing

The loan refinancing process involves revising and replacing an existing mortgage with a new agreement. When you decide to refinance your home, you generally seek to favorably change your interest rate, contract terms, or payment schedule. If approved, your new loan will replace your original mortgage.

What You Need to Know About Loan Refinancing

There are many reasons why borrowers proceed with the loan refinancing process, and you may have considered refinancing your mortgage for any of the following reasons:

  • To lower your fixed interest rate to reduce your regular payments over the life of your loan
  • To change how long your mortgage lasts
  • To switch from an adjustable-rate mortgage to a fixed-rate mortgage or vice versa

To start the loan refinancing process, you need to talk to us at Harbor Mortgage Company and fill out a new loan application. During this process, we will need to reevaluate your financial situation and credit terms. Once we evaluate your situation, we’ll give you more information about your loan options and help you pick a new mortgage that reflects your goals and complements your interests.

There are also several types of loan refinancing we will go over with you to make sure your new loan meets your goals. These include rate-and-term refinancing, cash-out refinancing, cash-in refinancing, and consolidation refinancing.

We’re here to make sure refinancing your home loan goes smoothly from beginning to end. Contact us today to learn more and to schedule your initial consultation with us.