Refinance Loans


Refinancing involves the payoff of an existing mortgage by closing a new loan.  With Conventional loans, refinancing normally requires a new appraisal and qualification approval.  The VA and FHA loan programs offer streamline refinance options which may eliminate the need for a new appraisal or qualification approval.  Refinancing may offer a number of benefits including the homeowners’ ability to:
  • Lower their interest rate and monthly payments
  • Increase the loan amount to provide “cash out” for other purposes 
  • Reduce the term of their loan – for example, shorten the repayment term to 15 years 
  • Remove/add borrowers from/to the loan and Deed to the property 
  • Remove mortgage insurance 
  • Convert an adjustable or interest-only loan to a fixed rate amortizing loan
 
Refinancing is common when interest rates are lower than the current note rate, changes in marital status occur or funds are needed for home improvement, college, etc.  Refinancing may involve the payment or financing of closing costs.  These fees are typically lower than the closing costs associated with purchasing a home.  Presidential Bank Mortgage offers many refinance options with no closing costs.

Access Capital Mortgage offers resources including the Refinance Interest Savings Calculator to help you consider the value of refinancing.  Click here to see all the calculators available to help you make an informed decision. 

Talk to one of our loan officers to discuss the value of refinancing in today’s market. Terms and conditions may apply.