Refinance

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Affordable Mortgage Refinance Rates Today

Explore affordable mortgage refinance rates today with Reach Home Loans and ease up on monthly payments. Get to know more details about a second mortgage refinancing and the application steps. At Reach Home Loans, we can give you the best interest rate and payment terms. Our loan products are suited to help you grow financially.

Current Home Refinance Rates

Refinancing is a known remedy for people who are struggling financially. However, many people don’t know that refinancing can also be used for other reasons. A common reason for refinancing is to take advantage of lower interest rates. Current home refinance rates tend to be cheaper than mortgage rates.

Besides that, lowering mortgage payments is also another reason why people refinance. Whether it’s out of financial difficulty or not, refinancing can be a solution if you want to reduce monthly amortization payments.

Refinancing rates for home mortgages are currently playing between 2.4% to 3.3%. Investment property refinance rates, on the other hand, are higher than owner-occupied properties.

So what exactly is refinancing?

A refinance is when you get a new mortgage to replace the one you currently have on your home. This doesn’t mean getting rid of your first mortgage; instead, the old mortgage is paid off so that a new one can be made. There are two basic varieties of refinance: Rate-and-Term, and Cash Out.

Rate-and-Term Finance

A Rate-and-Term refinance, as you might guess, is one where you take the remaining balance on your mortgage and alter the rate and term (the period that it will take to pay off the loan).

Rate-and-Term Finance

A Rate-and-Term refinance, as you might guess, is one where you take the remaining balance on your mortgage and alter the rate and term (the period that it will take to pay off the loan).

Streamline Home Refinance Rates

To refinance a housing loan, you would typically go through a long process, submit a ton of paperwork, and wait for the lender to approve the loan. Yes, it can be stressful and tedious. However, there’s a way to avoid these unnecessary steps.

When you streamline home loan refinance, the process will be faster and much easier than getting the first loan. This refinancing program is a service of the Federal Housing Administration (FHA) to help home buyers ease their mortgage payments.

You might ask, “can I refinance my house with the FHA Streamline Refinance program?” Well, that depends. Let’s check it out step-by-step.

  1. Comply with the requirements below
    • The loan must be FHA-insured.
    • The refinancing must have a net tangible benefit as determined by the FHA
    • You must have at least six months of payment, six full months have passed since the first payment due date, and 210 days have passed since the closing date.
    • You are in good standing (no defaults and payment is current)
  2. Find a lender eligible to give an FHA refinancing loan
  3. Go back to step 1 and ensure you are eligible

In FHA refinancing, they don’t give large cashouts. This type of loan is a rate-term refinance loan only.

How to Refinance My Second Mortgages

Refinancing a second mortgage only requires you to follow certain steps. Well, everything will be laid out to you once you go through the process. The most important thing you need to focus on is the need for refinancing. Ask yourself. Do you really need to refinance?

You might wonder, “is it possible to refinance my second mortgage even if I have an existing mortgage contract?” Yes, you can do that. Refinancing works in many ways. In a second mortgage, you took a loan and placed your equity in the mortgage as collateral. Even if you refinance your second mortgage, the original mortgage contract is still in full effect.

Refinance is also possible for those who are behind on their payments, and can even be used as a tool to consolidate debt. However, there is risk in refinancing under these circumstances. Pursuing a refinance without doing your research is ill-advised, no matter what your credit score is!
Call Reach Home Loans at (954) 730-1456 to arrange a consultation and find whether a refinance is a good option for you!