Refinancing Your Home Loan
Refinancing your mortgage can be a smart idea for many reasons. Find out how refinancing can help you reach your goals and if it is right for you.
Refinancing Your Home Loan
Refinancing your current mortgage can be a smart decision, however, sometimes it’s not as easy as it sounds. We are here to help with all of your refinancing needs.
ClearPath Lending provides multiple refinance products and options to its borrowers across the country with a specialty in: VA, FHA, and conventional home loan products. If you’re unsure if refinancing is the right decision for you give us a call at (855) 866-5363 and a licensed mortgage Loan Officer will answer any questions you may have.
More of a numbers person? Use one of our Mortgage Calculators to find out how much you could save by refinancing.
Why Refinance
Fixed to Adjustable or Adjustable to Fixed
Switch from an adjustable-rate mortgage to a fixed-rate mortgage to lock in a potential lower rate and feel at ease with a fixed payment for years to come. Switch from a fixed-rate to an adjustable-rate and take advantage of potentially lower rates and payments for a brief period.
Lower Your Interest Rate
Stuck with a high-interest rate? Lower your interest rate and move into something a little more comfortable, which could save you hundreds of dollars each year.
Refinance to Cash Out Your Home Equity
Typically, borrowers will go with the cash-out option when looking to make home improvements, reduce credit card debt, place a down payment on an investment property, or assist with any financial need they have.
Shorten the Term of Your Loan
Looking to pay off your mortgage in less than 30 years? Refinancing to a 10-year or 15-year fixed loan can be a great option for many homeowners to take years off their mortgage and reduce the amount of interest paid over the life of their loan.
How much will I Save By Refinancing?
Let’s Talk Credit
Your credit score is an important factor when applying for a refinance loan. The better your credit, the higher your chance of being approved for your loan.
Improving your credit
- Pay your bills on time. Late payments lower your credit score. Typically, payments less than 30 days late don’t affect your credit score. Make sure you are consistently paying your bills on time.
- Don’t max out your credit cards. Lenders look at your total credit card debt and how much available credit you have left on your cards. When you don’t have much available credit left on your cards, this is a red flag to lenders.
- Don’t close out your credit cards. Keeping your credit cards open with available credit improves you score. Credit cards also help with length of credit history. If the interest rate is high on the card you are considering closing, call the credit card company and ask them about lowering your rate. This works more often than you might think.
- Limit the number of credit inquiries. When a creditor checks your credit this is a “hard inquiry” and lowers your score. Avoid too many inquiries into your credit.
- Be aware of your debt-to-income ratio. Your ratio is your monthly payment obligation divided by your pre-tax income. Lenders will always take debt-to-income ratio into account when approving a loan.
Bad credit? There are options. Speak with one of our mortgage loan officers today.
Start Your Refinance Today
A licensed mortgage Loan Officer at ClearPath Lending will work with you on your goal for refinancing and find the right loan for you.
Give Us a Call… 855-866-5363
Apply Today
OFFERING AFFORDABLE PRICING!
ClearPath Lending has mortgage products to help you achieve your financial goals.
Our pricing is among the most competitive in the industry. We pride ourselves on having the edge on both rates and loan products, ensuring that you benefit from a lower rate and/or lower terms. Do you have a quote from a competitor? Call one of our loan officers to discuss what options we have available.