Could you use some flexibility to help you achieve your financial goals? Refinancing is a great option.
Mortgage refinancing essentially replaces the terms of your old mortgage with new terms. It doesn’t matter what type of residential property you own; refinancing your mortgage may be an advantage in the long run.
Not sure if refinancing your mortgage is the right option for you? Check out the list of common reasons for refinancing below. If any of them resonate with you, it might be time to look into a new mortgage.
Cash-out refinancing is a special type of refinance in which you can take out a loan that is greater than the amount you still owe on your mortgage and pocket the extra cash. If your home’s value has increased since the time your mortgage amortization period began, you may have built up enough equity to use that extra cash for a home improvement project, debt consolidation, or another expense. Using the acquired equity from your property, money can typically be borrowed at a much lower interest rate than a standard loan. However, please note that a cash out loan can affect your taxes.
The IRS now sees cash out refinancing as debt restructuring. Under this law, deductions for expenses related to your mortgage have changed. Other things have changed as well. Because of this, cash-out refinancing might not be the best option for you if you need to refinance your mortgage.
Luckily, the Loan Specialists at Zeus Lending are here to help. Depending on why you seek to refinance and what you’re hoping to get out of it, we can help you determine if you’d be better off with a routine mortgage refinance or a cash-out refinance. Just fill out our Super-Simple Application™ to get started!
Our Loan Specialists at ZeusLending.com will help you evaluate all your choices. We’re experts at finding you the best options and values.
The Super-Simple Application™ takes fewer than 3 minutes to complete. A knowledgeable Loan Specialist will contact you right away, help you with any questions, and assist you in making the best choice. There’s no obligation on your part. The only obligation is our obligation to ensure you are 100% satisfied with our service
Typically, this depends on the lender and the value of your property. You should expect to pay between 2 and 6% of the loan’s total value. In many cases, none of these costs will be out-of-pocket, including closing costs.
There is no “ideal time” for refinancing. Whether refinancing is right for you depends on several factors, including your credit score and current interest rates. Our Loan Specialists will have a look at your unique situation and help you evaluate all your options. You can also use Zeus Lending’s mortgage calculator tool to figure out what you can afford.
This depends on the lender and the type of loan you have. In some cases, you might be able to refinance in as little as 30 days. In others, you might have to wait as long as a year.
Yes. When you request to refinance, the lender will request a hard credit inquiry, which will lower your score for a short amount of time. However, if you continue to pay debts as agreed and don’t open any new accounts, your score should go back up.