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What Is A Refinance?

Refinancing your mortgage can be a smart financial move for many reasons, such as lowering your interest rate, reducing your monthly payment, shortening the term of your loan, or accessing equity in your home. There are several different types of refinance loans available, each with its own unique features and benefits.

Rate-and-term refinance loans are the most common type of refinance loan. They are used to replace your existing mortgage with a new one that has a lower interest rate, a shorter term, or both. This can help you save money over the life of your loan and pay it off sooner.

Cash-out refinance loans allow you to access the equity in your home and receive cash back at closing. This can be used to pay off high-interest debt, make home improvements, or cover unexpected expenses.

FHA Streamline refinance loans are available to homeowners with an existing FHA loan. They require less documentation and have more lenient credit score requirements, making it easier for you to refinance your mortgage.

VA Interest Rate Reduction Refinance Loans (IRRRL) are available to homeowners with an existing VA loan. They allow you to refinance your mortgage with a lower interest rate, without the need for an appraisal or credit underwriting.

At Amerifund, we have experience working with all of these types of refinance loans and more. Our team of mortgage brokers will work closely with you to understand your unique financial situation and help you choose the best refinance option for your needs.

We also understand that refinancing your mortgage can be a complex process. That’s why we are committed to providing you with the support and guidance you need every step of the way. From determining your eligibility to closing the loan, we will be there to answer your questions and ensure that the process is as smooth and stress-free as possible.

If you’re considering refinancing your mortgage, contact us today to schedule a consultation with one of our experienced mortgage brokers. We look forward to helping you achieve your financial goals with Amerifund Home Loans.

*Reducing your monthly payments by refinancing your current mortgage loan may increase your total finance charges making them higher over the life of the loan.

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