We at Nextgen Mortgage, Inc., are readily available to provide the best mortgage help and advice for anyone in New Hampshire, Massachusetts, and Maine. With most of our loan officers having over 10 years of experience, we are experts in refinancing who love to share our friendly advice and help with any of your questions or needs.
You’ve surely heard of refinancing, but what exactly does it mean, and why would you want to do it? To put it simply, refinancing means that you are looking into options that will allow you to pay off one loan with the money you receive from another loan using the same property as collateral. There are a couple of different ways you can refinance, commonly known as refi (short for refinancing) and cash out refi.
Refinancing is a big step and should not be taken lightly. However, if your particular situation calls for it, you wouldn’t regret it in the slightest. There are several reasons you should consider refinancing, including:
If you meet any of these conditions or believe that refinancing will relieve your currently stressful situation, refinancing may be the best option for you. It could potentially save you a world of emotional anxiety and financial hurt.
A cash out refi is a great option if you really need some extra cash for a specific purpose. It allows you to refinance your current mortgage for an amount higher than you currently owe and then keep the difference in cash.
Sounds too good to be true, right? Well, it’s not as difficult to attain as you might think, but there are some conditions. Your bank probably won’t give you cash out just because you want to go on a shopping spree, and they certainly won’t give it to you if you have bad credit. In order to do a cash out refi, you need a good reason, such as:
Any of these situations require a good chunk of money, and they provide a designated place for your money to go, which is what your bank is going to need in order to grant you the money.
Though each of these options for refinancing is viable, it may not be the right option for you. You should contact us before you make any moves. We offer a free consultation with any of our services.
When you decide to do business with our team of esteemed professionals, you can expect devoted attention from people who care about you and your needs. Give us a call today. We would love to have a face-to-face meeting with you, either in-home or in-branch, where we can share our low mortgage rates and a specialized plan that will help you get to where you want to be financially.