As a homeowner, your needs, budget, and income can change over time. When you buy a home, you get to customize your mortgage loan based on the interest rate and type of rate, the loan length in years, and the amount you borrowed. You create this customized mortgage loan when you buy a home. Over time, as your needs change, you can change the amount you’re paying each month and change your mortgage loan plan. By doing this, you’re refinancing your mortgage.
It’s important to work with a trustworthy mortgage broker when you’re thinking about mortgage refinancing. Working with an attentive mortgage company allows you to talk to a specialist about your specific terms and needs. By establishing this partnership, you can get advice and tips regarding refinancing.
At RateJab, we work with you to decide which mortgage loan or payment option is best for you. If you’re thinking of refinancing, our specialists can help. We serve homeowners in the following counties and surrounding areas:
- Burlington County
- Chester County
- Delaware County
- Montgomery County
- Ocean County
- Philadelphia County
Refinance Your Home Loan in Philadelphia County
Mortgage refinancing allows you to replace your current mortgage loan with a new one. You can refinance your home loan at any time from any bank. You are not limited to your current mortgage lender.
There are many reasons that homeowners may choose mortgage refinancing. Some of these reasons include:
- To lower the monthly payment
- If you’re paying too much for your current loan, choosing to home loan refinance can lower your monthly payments.
- To lower the interest rate
- To switch to a different type of rate
- If you have an adjustable rate and you want to switch to a fixed rate in order to always know how much you will pay, mortgage refinancing can help you do that. The same can be applied vice-versa.
- To refinance for a higher amount
- By doing this, you can pay off other debts, pay for home improvement services, pay credit cards, or get cash.
- To pay off your home more quickly
If you are interested in any of these possibilities, a home loan refinance may be something to look into. Whether you want to pay off some debts or lower your monthly payments, you can achieve this by replacing your existing mortgage loan with a new one.
Mortgage Refinancing Options
There are three types of refinance mortgages to choose from. Each type is based on your individual circumstance and preferences. Home loan refinance rates change based on the type. At RateJab, our professionals work with you to decide which type is right for you
The only terms that change between your new and existing loan are the loan term, the mortgage rate, or both.
In this type of mortgage refinancing, the amount you borrow increases. The new balance exceeds the old one by at least 5%.
In contrast to a cash-out refinance, this type of refinancing entails paying down the loan balance, which can result in a shorter loan term.
Mortgage Refinancing in Burlington County
When it comes to mortgage refinancing, there are a lot of decisions to make that can greatly affect how much you will be paying monthly for your home. At RateJab, we offer communication, low rates, and friendly advice for homeowners that want to refinance their home loan. We offer our services to homeowners in Burlington County, Chester County, Montgomery County, Ocean County, and surrounding areas to promise superior mortgage refinancing options and advice. If you are interested in mortgage refinancing or applying for mortgage preapproval online, contact us today.