Jaime Home Loans | Goose Creek, SC Jaime Rhude Home Mortgage Lender

Refinance

GET THE MORTGAGE THAT FITS YOUR LIFE.

Flexible Financing.

GET THE MORTGAGE THAT FITS YOUR LIFE.

Flexible Financing.

Your household needs and budget have changed since first taking on your loan. Refinance with Premier and get the mortgage that fits your life today.

Your mortgage should align with your current stage in life — not the stage you were five, 10, or 20 years ago. By refinancing your mortgage loan, you ensure it does.

A refinance can help you lower your interest rate and monthly payment, turn your home equity into cash, or even pay off your loan sooner. Whatever your current stage in life demands, a refinance can help you achieve it.

Want to refinance your Goose Creek mortgage loan? Reach out to Jaime Rhude at Premier Nationwide Lending or read on to learn more.

WHEN TO CONSIDER REFINANCING A MORTGAGE LOAN

Timing is of the utmost importance when refinancing your mortgage loan. You should take into account the market’s current interest rates, how long you’ve had the loan, and how much time you have left to pay it off.

There are several times in life when a refinance may be a prudent choice. These include when:

  • Market interest rates have dropped below your loan’s current rate
  • You’re within the first 10 years of your loan term
  • Your home has appreciated in value or you hold significant equity in the property
  • You have a lot of high-interest debts and could save by consolidating them into a lower-interest mortgage loan

Timing is of the utmost importance when refinancing your mortgage loan. You should take into account the market’s current interest rates, how long you’ve had the loan, and how much time you have left to pay it off.

There are several times in life when a refinance may be a prudent choice. These include when:

  • Market interest rates have dropped below your loan’s current rate
  • You’re within the first 10 years of your loan term
  • Your home has appreciated in value or you hold significant equity in the property
  • You have a lot of high-interest debts and could save by consolidating them into a lower-interest mortgage loan


These are just general scenarios, of course. If you’re considering a refinance and want to make sure it’s the best move for your household and finances, then reach out to Jaime Rhude at Premier today.

These are just general scenarios, of course. If you’re considering a refinance and want to make sure it’s the best move for your household and finances, then reach out to Jaime Rhude at Premier today.

REFINANCING ISN’T ALWAYS A GOOD MOVE

Refinancing can certainly have its benefits, but it’s not right for everyone. If you’re outside of the first 10 years of your loan, for example, your payments are going mostly toward your principal balance. Refinancing into a new loan will set you back at square one, and you’ll be spending most of your money on interest for another decade. These additional costs usually negate any savings you’d enjoy through a lower rate or lower monthly payment.

A refinance also isn’t a great idea if your credit is less-than-ideal. Just like with your initial loan, your credit score will play a big role in the interest rates you’ll qualify for. If your credit isn’t great, you may not save much (or at all) in the interest department.

CASH-OUT OR RATE-AND-TERM?

There are two types of refinances: cash-out and rate-and-term. Rate-and-term refinances allow you to alter the length of your loan, the interest rate or both. Cash-out refinances let you turn your home equity in cash, giving you a lump sum to use toward any expenses you might be dealing with.

If you’re considering a refinance, it’s important to assess your household cash needs. Would a cash-out refinance help you pay off high-interest debts and save on interest in the long run? Could it help cover home repairs or renovations? Maybe your child’s college tuition?

Often, a cash-out refinance can be a better option than traditional financing products. Credit cards, car loans and personal loans all come with much higher interest rates, so using a refinance to cover your expenses could save you in the long run. Thanks to the mortgage interest tax deduction, they can also save you on your annual income taxes.

PREP YOUR PAPERWORK

You’ll need a number of documents when you apply for to refinance your mortgage loan, including things like your last two tax returns, your W-2s, two months of pay stubs and more. Head to our loan checklist and pull these documents early on to ensure your application goes smoothly.

You may also want to pull your annual credit report to gauge how your score could impact your interest rates. If your credit isn’t great, consider paying down some debts, reporting any errors on your report, and staying on top of your bills. This should give your score a boost over time.

ARE YOU READY TO REFINANCE?

If you’re ready to refinance your mortgage loan, then get in touch with Jaime Rhude at Premier Nationwide Lending of Goose Creek today. We’ll help you determine the best type of refinance for your needs, as well as when to pull the trigger.