Gina Farrell

Indepenent Funding Group

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Search for Homes
  • Apply
    • Apply Now Short Form
    • Download Application
  • Contact

Refinancing Your Mortgage: Understanding the Various Types of Refinancing

February 2, 2022 by Gina Farrell

Refinancing Your Mortgage: Understanding the Various Types of RefinancingWhether you’ve been thinking about ways that you can draw on your home equity to fund a renovation project or you want to take advantage of low interest rates before they rise again, refinancing your mortgage is an excellent option.

In today’s blog post we’ll introduce mortgage refinancing and discuss a few of the ways that you can use this tool to help accomplish your financial goals.

Cash-In and Cash-Out Refinancing

Many homeowners refinance their mortgage in order to take some of the home equity out for other purposes. In a “cash-out” refinancing, you take out a new mortgage loan which is greater in value than your current loan. After paying off the existing mortgage you’ll receive a check for the difference which can then be reinvested in home upgrades or put to use elsewhere in your financial portfolio. You may also be able to get a better interest rate in this type of refinancing, saving additional money over the long term.

Do you owe more on your mortgage than your home is currently worth but still want to take advantage of lower interest rates? If so, “cash-in” refinancing is an option that can help you to avoid the mortgage insurance costs that you may be facing when you refinance. As the name implies, cash-in refinancing will provide you with a loan that is for less than the amount that you currently owe, so you’ll need to add “cash-in” to make up the difference.

Home Affordable Refinance Program or “HARP” Refinancing

If you find that you’re unable to refinance your mortgage as the value of your home has declined, the federal government’s Home Affordable Refinance or “HARP” Program may be an option. If you have been making your mortgage payments on time, have a mortgage guaranteed by Fannie Mae or Freddie Mac and your current “Loan to Value” ratio is greater than 80% it’s likely that you’ll qualify for HARP refinancing.

The above are just a few of the ways that you can refinance a mortgage to better suit your needs and financial goals. Contact your local mortgage professional today to learn more about refinancing and to discuss how you can tap in to the home equity that you’ve built up over time.

Spread the Love!

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Refinancing, Mortgages

Gina

Contact Gina


Sr. Loan Consultant
Independent Funding Group
CALL 714-931-3541

NMLS #296734
DRE#02060065
GET A RATE QUOTE  

Connect with Me!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

The Latest Articles

  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023
  • Is A VA Loan The Best Option For Your Needs?
  • Should You Pay Discount Points When You Get Your Mortgage?
nmlsconsumeraccess.org
Equal Housing Lender

Our Location

202 Fashion Lane, Ste 106
Tustin, CA 92780

Copyright © 2023 · Powered by MySMARTblog