Refinancing is the act of replacing an existing mortgage with a new mortgage, only with different loan terms. Refinancing can help you lower your monthly payment, allow you to use the equity you’ve built up in your home to get cash back, or to simply change the length of your loan term.
When deciding whether you should refinance, the first step is to establish your financial goals. The most common reasons to refinance are:
Use our Refinance Calculator to see what your new monthly mortgage payment would be and how much you could save by refinancing with Nutter.
A great resource to help you understand the refinancing process:
As long as your current home loan is at least six months old, refinancing is an option for you to consider. There are many ways you can save money by refinancing.
Generally speaking, your closing costs will vary depending on the type of refinance you choose, your interest rate, your credit rating and/or the appraised value of your home. Closing costs are very important because they can significantly affect your refinance as well as the equity in your home. At Nutter, our philosophy is simple: “If it’s not good for the customer, it’s not good for us.” That’s why we strive to keep your closing costs as low as possible or, in some cases, eliminate them altogether.
We can typically eliminate discount points, origination fees, surveys and title fees. We also transfer your tax and insurance escrow account so you are not required to pay escrow money at closing. This way every dollar you save on your monthly house payment, is actually a dollar in your pocket. Learn more about our No Closing Cost Refinancing. Please note, the total finance charge may be higher over the life of the loan in comparison to your existing loan if the loan were to be fully amortized and not paid off prior to full satisfaction.
A cash-out refinance is a way to enjoy the equity in your home by getting money out to pay for (or pay off) what you need and maintain one low, monthly mortgage payment. Remember a cash-out refinance is not a second mortgage – it’s like getting a brand new first mortgage! A cash-out refinance can also be used to get ride of a risky Home Equity Line of Credit (HELOC).
Nutter offers a variety of great refinancing programs and our experts will work with you to find the Nutter Home Refinance that’s best for you. To talk to a Nutter Loan Officer, call 1-800-875-7334 or send us an email.