REFINANCING YOUR HOME
There are two basic types of refinance loans. Cash-Out and No-Cash-Out. There are also special Streamline loans available to anyone with a current VA or FHA mortgage. Streamlines are known for their incredibly fast and easy qualification process, but for now let's talk about the more conventional refinancing options.
No-Cash-Out Refinance
This loan is also referred to as a Rate and Term loan. The best reason for a borrower to choose a Rate and Term loan is to lock in a favorable interest rate. Let's say for now that you purchased your home at a competitive rate and have a 30-yr fixed rate and that you've been paying on this loan for 5 years already. Now interest rates drop suddenly and you would like a lower monthly payment but don't need any extra cash from your home's equity. If this scenario sounds familiar, then a No-Cash-Out Refinance is in your best interest.
Cash-Out Refinance
Some of the most common purposes for taking cash out against your home's equity include Home Improvements and debt consolidation, but the money you borrow based on the difference between your home's mortgage balance and resale value can be put toward any number of useful endeavors. And let's face it, even the best of us fall on tough times at some point in our lives. When this occurs, it is imperative to have extracted the idle equity from your mortgage before the damage that financial hardships can cause to your ability to qualify for loans is done. And Flagship Financial Group is not a qualified tax advisor, but we'd like you to take a second or two to think about the fact that NO credit card or revolving account's interest is tax deductible, while most mortgage interest IS. What that means to you is that consolidating your bad debts into solid mortgage terms is a great way to leverage your finances.
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Flagship Financial Group, LLC is licensed in most states. Applicable law requires that the following licensing information be listed. Department of Corporations under the California Residential Mortgage Lending act; Licensed Mortgage Lender (FL); Arizona Mortgage Banker, License Number BK-0112158, Georgia Residential Mortgage Licensee # 17297 3130 W Maple Loop Dr., #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee; Registered under the Kansas Mortgage Business Act License Number of 2002-4309; Mississippi Registered Mortgage Company; Maine Mortgage Lender License# SLM9424; Licensed by the New Hampshire banking department; Mortgage Broker 13439; Licensed by the Pennsylvania Department of Banking (PA); Virginia State Corporation Commission License #2449. In certain states in which we do conduct business, certain restrictions and limitations apply.
