One of the best ways to lower monthly payments and/or get money out of the equity in your home is with a mortgage refinance. Beacon Lending offers many options for homeowners to take advantage of the equity in their homes through a mortgage refinance. Have a look at some refinancing options below.
New in 2021 is a program from Fannie Mae named RefiNow. This program is intended to make it easier for certain lower-income homeowners to refinance their home loans. This program could be just what borrowers need to help them save on their monthly mortgage payments. You may be wondering what the specific requirements are and if you meet those requirements. To view more information please view our RefiNow post. If you would like to consult with Beacon Lending about these programs then choose the option below.
This mortgage refinance is designed to lower your interest rate. For example, if you are at a 5% mortgage for 30 years, your payment is $1342.05. If you lowered it to 3.5%, it would go down to $1122.61
This refinance is designed if you want to lower or increase your loan term. These usually are in increments of 15, 20, and 30-year fixes. You might decide you want to pay your mortgage off early, and that might incline you to pursue a 15-year fix versus a 30-year fix. You will save thousands upon thousands by choosing this option
This refinance is designed to either take cash out of your home through the existing equity, or consolidate high-interest rate credit cards, or maybe do some home improvements.
This refinance utilizes the equity in your home through the bank, as a way for you to receive monthly income, and to never have to make a mortgage payment again. You need to be at least 62 years of age for this mortgage, and you will be required to go through a class to see a counselor so you are 100% properly advised in how this program works. View more information on Reverse Mortgages.
This is a no-closing-cost refinance that pays off your existing FHA loan. A great loan, in a low-interest-rate environment.
This refinance is designed for homeowners who may have not been able to refinance in the last couple of years, due to low or negative equity. An amazing program that has helped millions of homeowners nationwide. View additional HARP 2.0 Refinance information.
The FHA 203K Refinance is designed to give you additional money to rehab your home, based on the future appraised value of the project at hand. A great way to lock in a low-interest rate, and bundled it with the existing mortgage, all under one loan.
Similar to the FHA Streamline Refinance. Little to no closing costs, and works in a low-interest rate environment. No appraisal is needed. No income verification is needed either.
The above are just a couple of the many refinance programs we offer. We also offer USDA, Jumbo, 1031 Exchanges, Investment Properties, and Construction Loans.
What exactly is mortgage refinancing and how does it work? Click here for more information.
In today’s dynamic market conditions, refinancing your mortgage can be a strategic move to optimize your financial situation and achieve your long-term goals. Whether you’re looking to reduce monthly payments, tap into your home equity, or secure a better interest rate, here are some compelling reasons to consider refinancing:
Before proceeding with refinancing, it’s crucial to carefully evaluate your financial situation, consider the costs associated with refinancing, and consult with mortgage professionals to determine if refinancing aligns with your specific goals and circumstances. By seizing the moment in today’s market, you can potentially unlock significant savings, optimize your financial position, and set yourself on a path towards greater financial freedom.