Rate and Term refinance means you can change your mortgage term or your interest rate. Rate and term refinances can help you pay less for your loan over time, lower your monthly payments or pay off your loan faster.

A cash-out refinance is a type of mortgage refinance that takes advantage of the equity you’ve built over time and gives you cash in exchange for taking on a larger mortgage. In other words, with a cash-out refinance, you borrow more than you owe on your mortgage and pocket the difference.Unlike when you take out a second mortgage, a cash-out refinance doesn’t add another monthly payment to your list of bills – you pay off your old mortgage and replace it with the new mortgage.Lenders will typically let you borrow up to 80% of your home’s value.

If you are interested in refinancing your existing mortgage we would likely request a current mortgage statement, hazard insurance policy, income documentation etc. Please note that if you have satisfied the mortgage on your property ( paid it off) you are still eligible to refinance your property and obtain gained equity of this property.

The simple answer is $0.00, you can increase the loan amount to include any closing costs needed to be paid and still receive cash back at closing if desired.