Refinance

Refinancing

Enhance Your Balance With A Refinance

When rates fall, it's always tempting to refinance. There is no rule-of-thumb when it comes to refinancing because there are different reasons to refinance but if you think you might benefit from a refinance and want to know for sure, think about calling us to help take a look at your numbers together before interest rates climb higher; you could be saving hundreds if not thousands over the course of your refinanced loan.

There are many reasons why people choose to refinance their home.

If your interest rate is higher than current rates, refinancing your loan can help save you thousands. Rising home values also mean you may have more equity in your home to take advantage of with a refinance. With enough equity in your home you may want a cash-out refinance plan that allows you to put that money toward anything you need, such as renovating your home, paying down credit card debts, or sending a child to college.

Another option is to refinance into a shorter term

You'll own your home sooner and reduce the amount of interest you pay. If you think a refinance is right for you, we'd be more than happy to go over your options with you.

Shorten the term of your loan
Lock in a lower rate
Save on monthly payments
Fund home improvements
Cash-out home equity
Consolidate debts

Now May Be The Right Time to Refinance

Eliminate monthly private mortgage insurance
Accelerate your equity and pay off your loan faster
Increase your cash flow with a cash-out refinance program
Pay off debt, make home improvements or fund large purchases
Potentially lower your interest rate

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How soon is too soon?

Every situation is different. Some people choose to refinance within their two years of homeownership, especially if interest rates rest near historic lows like they have in recent months. We would assess your situation and help you determine whether a refinance would be a benefit for you. Don't hesitate to ask us. Even if we recommend that you wait a bit longer based on your financial situation, we will always give you and your circumstances a full, honest assessment.
Any reason I shouldn't consider refinancing?

There's more involved than simply reducing your interest rate and your monthly payment. Sometimes the term will reset, or the associated settlement fees will add up. It's important to make sure that your refinance loan is worth it. We can help you crunch the numbers for your particular situation and get you a deal that is in your favor. Alternatively, if the numbers work out so that you wouldn't actually be saving any money, we would tell you that too.
How long is the refinance process?

Most refinance transactions should take anywhere from 30 to 45 days but can stretch to 60 days based on the complexity of the loan and how quickly you submit documentation. At Coffee Mortgages, we take pride in our smooth and streamlined process to offer closings that are faster than the industry average.
Can I refinance with bad credit?

Depending on the reasons why your credit is imperfect, there are great loan options available including our government programs. Call and speak with one of our licensed lending officers to determine whether or not you qualify for one of our programs.