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Take Control Of Your Mortgage With A Smart Mortgage Refinance

If you’re not satisfied with your monthly payment or want to take advantage of historically low interest rates, it’s time to refinance. This is a great way to free up funds every month or pay off your home more quickly*.

* Based on current underwriting guidelines. Subject to change.

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Types of Refinancing Loans

Rate-and-Term

The most common type of refinancing loan, rate-and-term pays off the original mortgage then replaces it with a new loan.

Fixed-Rate

Fixed-rate sets a monthly payment during the time of the loan, and also protects from increasing interest rates.

Adjustable-Rate

After about a 5-7 year fixed period, the interest rate adjusted based on market conditions. It includes an interest rate cap and provides flexibility for future refinancing.

Cash-Out

For homes that are worth more than what is owed in the existing language, this loan replaces your mortgage by paying it off, then refinances the current mortgage, allowing you to keep the difference in cash.

Cash-In

The mortgage balance and future interest payment is lowered with cash you bring in, improving your loan-to-value ratio. Also helps reach the 20% equity threshold, saving on future insurance payments

Home Affordable Refinance Program (HARP)

Sponsored by the U.S. Department of Housing and Urban Development (HUD), it assists low-income homeowners in refinancing. Certain requirements are necessary. The program allows for a refinance of up to 125% of the home value.

Homeowners Rave About Refinancing With Contour

★★★★★

Mlj0916 on Zillow

Thank you to Jason & his team for a seamless experience with my refinance!!! They are professional and so easy to work with. Look no further when looking for a lender! Thank you Jason & Team!

★★★★★

steven zak on Zillow

I worked with Igor on a recent refinance transaction and he was diligent and honest. He explained well and took the time to go over every document. We locked in a great rate, saving me several thousand per year. Highly recommend his services.

★★★★★

Yvon on Zillow

Eric was very professional and knowledgeable. He was able to assist me every step of the way, so that I was able to successfully navigate the mortgage refinance process.

★★★★★

Missy on Zillow

I’ve used Jason more than once because of his patience and knowledge. He explains everything every step of the way and gives all options. I would recommend him to anyone that is looking to purchase a home or needs to refinance!

5 Most Common Reasons Homeowners Refinance

1. Lower your interest rate:

If your interest rate is higher than current rates, refinancing into a lower rate may save you thousands of dollars.

2. Lower your monthly payment:

When you refinance your loan, the loan term resets. Therefore, you can refinance the new lower balance over 30 years to dramatically lower your monthly payment.

3. Get a fixed-rate mortgage:

If you have an adjustable rate mortgage, you can avoid an increasing payment by refinancing into a fixed-rate mortgage loan.

4. Pay off your mortgage faster:

Refinancing into a 10- or 15-year loan term can help you save money on interest and pay off your mortgage much quicker. 

5. Use equity to get cash back:

If you have equity in your home, you can use it as collateral to get cash out for any reason.

*Disclaimer: Refinancing could decrease the amount of money you spend each month, but keep in mind that the total finance charges may end up being higher over the life of the loan if you choose this financing option.

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Refinancing Requirements

When you refinance, there are three primary factors your lender will consider: your Debt-To-Income ratio (DTI), existing equity in your home, and credit score. Lender requirements for all three vary and if you don’t quite measure up to your lender’s criteria, it doesn’t mean you’re out of luck. There are FHA options available for borrowers with a less than ideal profile. If you’re not sure which option is best for you, just contact us!