Home Loan Refinancing
Refinance your Home Loan and Save Money
Home loan refinancing is the process of taking out a new loan – typically with different terms – against the same property (and paying back the original one). It’s much the same as getting a mortgage in the first place.
Your Guide to Refinancing
Is Refinancing Right for You?
If you already have a home loan and want to save money, free up cash, or consolidate mortgages, a refinance could suit. Refinancing is the perfect opportunity to change your mortgage structure or program to suit your current needs.
The UW Funding Difference
All of our home loans are constantly monitored to ensure that our clients are getting the best possible rates. If we spot you a better deal, we’ll let you know – you might be able to refinance and save some money. You can read more about our complimentary Mortgage Under Management service here.
Benefits of Refinancing Your Home Loan:
Save Money
Interest rates may be lower than what you’re currently paying, or you may not need mortgage insurance any longer!
Change Terms
Your financial situation might have changed since you took out your loan. A refinance can alter your loan terms to fit.
Get Cash
Refinancing can free up cash for you to work on your home, pay off some debt, or fund a purchase.
Consolidate Debt
You can roll two home loans – or a HELOC – into one during a refinance, simplifying your finances.
FAQs
-
Do I have to refinance with my current lender?
No, you can choose any lender to refinance your mortgage with (since the new loan will replace the old one).
-
Will I always save money refinancing?
If you’re watching the market and want to lock in a lower rate in the near future, it may be more cost effective to pay a discount point for a lower rate instead of paying for a full refinance.
-
How long do I have to wait to refinance after a purchase transaction?
The rule of thumb is 8-12 months, but there are exceptions. (It’s also good to check with your lender when you apply for your mortgage in the first place to see if there are any short-term penalties for refinancing within the first year.)
-
Do the years on my mortgage restart when I refinance?
No! When you refinance, you can start on a shorter loan term. For example, if you held a 30-year loan for three years and then refinanced, you could set the new loan up on a 27-year term.
What Our Clients Say
Craig was instrumental in me and my wife buying our first home together. He was able to get us a great rate, even with my low [credit] score, and we were able to move into our new home. We are very pleased with the service and professionalism Craig provided us and will continue to work with him for all of our housing finances in the future.
We highly recommend UW Funding. We are on our second home purchase with Craig. You lose sleep buying your first home and it’s comforting to know you have the right lender looking out for your best interests. Two years later, we are on our second home and, just like the first, best rate, no fees and thousands of dollars saved!
We are so glad we trusted Craig with our refinance. We were able to take cash out with absolutely no fees! In hindsight, we wished we would have used him for our purchase. Sure enough, we had a straightforward closing with no surprises and we are truly grateful for our friends referring Craig to us.
What's your home worth?
Your home is the largest asset you’ll ever own. Find out its value, get valuable insights, and plan for the future.
Begin Your Home Loan Journey Today
Ready to get started? Get a quick quote or contact Craig to ask questions and discuss your options.
