Refi My Home

Getting a new mortgage to replace the original is called refinancing.

Refi my home. A rate and term refi does not involve any money changing hands other than costs. Refinancing is done to allow a borrower to obtain a better interest term and rate. When you re ready to refinance talk to a home mortgage consultant to get started. There are two common methods for a mortgage refinance or refi.

Pay off your loan faster. Mortgage refinancing is replacing your current home loan with a new loan. With cash out refinancing you refinance your current home loan for more than the amount you currently owe and keep the extra money to spend on things like a kitchen remodel new siding or other home projects you ve been dreaming about. Discover how you can refinance your current mortgage and calculate refinance rates and payments with our mortgage calculators.

If you have an existing dbs posb account you will need the last 4 digits of your atm debit card and pin before you begin. If you have enough equity in your home you may be able to do a cash out refinance. The first loan is paid off allowing the second loan to be created instead of simply making a new mortgage and throwing out the original mortgage. Because your withdrawing cash from your home s value the new mortgage will be higher.

Refinancing your mortgage is a big step. A cash out refinance allows you to tap your equity by refinancing your mortgage. For a 30 year fixed rate mortgage on a 100 000 home refinancing from 9 to 5 5 can cut the term in half to 15 years with only a slight change in the monthly payment from 805 to 817. A rate and term refinance and a cash out loan.

If you wish to review your existing home loan with us please click here. Cash out refinancing converts your home equity into cash that you can use to pay for home improvements or to pay off debts such as a second mortgage or a high interest credit card balance.