Refinance Your Home Loan
Refinancing your mortgage can be a helpful way to adjust your home loan as your goals, finances or market conditions change. Some homeowners refinance to lower their interest rate or monthly payment, while others refinance to change their loan term, move from an adjustable-rate mortgage to a fixed-rate mortgage or access available home equity through a cash-out refinance.
At Legacy Mortgage Services, we will help you review your current mortgage, compare available refinance options and understand whether refinancing may make sense for your situation.
Common Reasons to Refinance
Homeowners may consider refinancing for several reasons, including:
- Lowering their interest rate
- Reducing their monthly mortgage payment
- Changing the length of the loan term
- Moving from an adjustable-rate mortgage to a fixed-rate mortgage
- Accessing available home equity through a cash-out refinance
- Consolidating debt
- Paying for home improvements
- Reviewing options before a balloon payment is due
Cash-Out Refinance
A cash-out refinance allows you to replace your current mortgage with a new loan while accessing a portion of your home’s available equity as cash. Homeowners may use cash-out funds for things like home improvements, education expenses, debt consolidation or other financial goals.
Because a cash-out refinance increases your loan balance, it is important to review the new payment, closing costs, loan terms and long-term impact before deciding if it is the right option.
Benefits of Refinancing May Include
- Lowering your interest rate
- Lowering your monthly payment
- Changing your loan term
- Accessing available equity through a cash-out refinance
- Consolidating debt
- Moving from an adjustable-rate loan to a fixed-rate loan
- Reviewing options before a balloon payment is due
To Refinance, You May Need
Every refinance is different, but it is helpful to begin gathering:
- Recent pay stubs or military LES covering the most recent 30 days
- W-2s and/or 1099s for the past two years
- Federal tax returns, if applicable
- Recent mortgage statement
- Homeowners insurance information
- Recent bank statements
- Documentation for other assets, if needed
- Photo ID for each borrower
- Any additional documents requested based on your loan program or financial situation
Let’s Review Your Refinance Options
Refinancing is not always the right move for every homeowner. At Legacy Mortgage Services, we will take the time to review your current loan, talk through your goals and help you understand whether a refinance may be a good fit.
Contact us today to start your refinance conversation.