Mortgage Refinance Programs

Mortgage Refinance Guide

Current interest rate reduction is excellent news for current homeowners who are thinking about a cash out refinance!

There’s a lot of buzz about refinancing in the news lately, what with lower interest rates and a relatively stable housing market. Homeowners may be wondering if it’s an opportunity to pursue or to swat away, so let’s look at the whys and hows of refinancing your mortgage and if a cash-out-refinance is for you.

Refinancing requires replacing your current mortgage with a new loan, meaning the process is similar to what you went through to purchase your home originally. There are typically four main reasons to refinance that include:

  • Cash-out refinancing to leverage the equity in your home
  • Reducing your monthly payment
  • Reducing your term from 30 years to 10, 15 or 20 years
  • Eliminating PMI or switching from an adjustable rate to a fixed, conventional loan

Refinance Programs

Cash out to start that remodel you’ve always wanted to do! Thinking about taking cash out of your home? Titan Mutual Lending Inc. has the program to fit your needs.​

Refinance your home today. Obtain a low interest fixed rate home loan to lower your payments!

Why Refinance?

Lower Monthly Payment

If the current interest rates are lower than when the home was first purchased, then refinancing can reduce the monthly payment, freeing up more income for savings or other needs. In addition, refinancing can eliminate mortgage insurance that may have been required on the original loan, putting even more money in your pocket each month. 

Reduce The Rate

Adjustable rate mortgages mean monthly payments can go up or down, depending on interest rates. Homeowners who seek the security of a fixed rate may want to refinance with that objective in mind. Even if the difference isn’t significantly noticeable, the long-term peace of mind is. 

Shorter Term

Another long-view advantage of refinancing is to shorten the term of the loan from a 30-year to a 25, 20 or 15-year mortgage. While the monthly payment will probably be higher, you’ll garner a better interest rate, resulting in more equity in the home and a bigger reduction of the overall life of the debt. This ultimately puts you on track to pay off the mortgage while still owning your home! 

Remove private mortgage insurance (PMI) from your loan

Another reason to refinance your home might be to remove PMI, or private mortgage insurance. At least 20% equity in your home is required. 

If you have your home appraised and find that the appraisal value is higher than when you bought the home, you may have sufficient equity to refinance and remove the mortgage insurance. 

If any of these “whys” speak to you, then it’s time to explore the “how.”  Need help navigating?  Contact Titan Mutual Lending Inc. today!

Just as when you originally purchased your home, a lender will look at several factors for approval. Refinancing can often be a smoother process, but your credit score will still be considered, as well as your debt-to-income ratio (DTI). Depending on the lender and the type of loan, a DTI of 50% or lower is ideal. This means that your monthly income should be at least double your monthly debts, including mortgage payment. Titan Mutual Lending Inc. can work with homeowners with as low as 580 FICO score.

Having an idea of your home’s worth before starting the process will give you the confidence to proceed. If neighborhood values have increased and you’ve been steadily building equity in your home, then refinancing could be an easy decision. Most lenders require at least one year in the home before refinancing an existing mortgage.

With the housing market and interest rates in constant motion, it’s a good idea to look at your personal finances and needs. At Titan Mutual Lending Inc., we have a team of lending experts and a variety of programs for all types of homeowners. With a simple conversation we can help you determine the why and how of your refinancing opportunities. Give Titan Mutual Lending Inc. a call today for all the answers.

Titan Mutual Lending Inc. can work with borrowers with as low as 580 Credit Score To see if you qualify, contact us today!

When refinancing an existing loan, total finance charges may be higher over the life of the loan.

Our experienced and knowledgeable refinance mortgage professionals are ready to help you refinance and take cash out from your home. There are a number of reasons why you might consider refinancing your home loan, especially as we face the uncertainties of a global pandemic and accompanying recession.

As a homeowner, it is possible for you to use your home as an additional lifeline to help ride out these uncertain times. The answer for how you do this is by refinancing your home mortgage, as you can secure a lower interest rate, shorten the term of your loan or reduce your monthly payment. Any one of these moves can potentially help you stay ahead of what may come.

We can help you to understand your options and determine if this is the right time for you to refinance a home mortgage to save you money and help you to achieve the goals you’ve set for your finances. By going through all of the refinance programs, we will help you feel confident in your decision to refinance and take cash out. At times in life, a cash out refinance is the right move for your financial future.

At Titan Mutual Lending Inc., our refinance mortgage professionals will determine how much equity is needed to refinance your home and whether or not a refinance mortgage with cash out is an option for you. In some cases, you might eligible for an FHA cash-out refinance or, if you are a veteran or actively in the military, a VA streamline refinance cash out instead of a conventional loan.

Contact us, and we can share more with you about refinancing.