West Hartford refinance mortgage, what does it mean to refinance? How could refinancing my home in West Hartford help me? What will it cost me? Under what circumstances would I want to consider refinancing? All of these are questions you may have when you hear the term "refinance.
What does it mean to refinance? Quite simply, a refinance is when you replace the existing mortgage on your home with a new one. When it comes to mortgages there are two main categories of refinances, a "rate & term" or "cash-out". A "rate & term" refinance is a new mortgage which was obtained to lower the rate, or change the term of the original loan. You may include the costs of the new loan into your new loan, but a borrower getting a "rate & term" refinance does not receive any additional cash at the time of closing. The other option "cash-out" is a new loan where you receive cash in excess of the current balance on your loan at closing. You may choose to get a check at closing, or you may choose to pay off the debts at closing if you are doing a debt consolidation. So you may choose to reduce your rate, or shorten the term of your loan with a "rate & term", or get cash for a project or to consolidate debt with a "cash-out" refinance, there are many different kinds of West Hartford refinance mortgages.
What will it cost me? A West Hartford refinance mortgage is like getting any other mortgage and the costs are very similar. One area where you may see some savings is in the title insurance, it is often possible to get a "re-issue" rate which is less expensive. You may have heard of no cost loans, or you don't want to pay points, or you are going to be in the house forever so the lowest rate is most important. We need to talk about where you are, what you want to accomplish and how to get you there. If you want to have the bank pay your closing costs, okay. If you want to get a really low rate, okay.
Why you will want to refinance you mortgage is a personal a situation as when you purchased your home. Let's discuss your situation and create a solution to achieve your goals. Call me at 860-306-8029 to talk about your West Hartford refinance mortgage.
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"