Types of home refinancing options
Are you thinking about refinancing your home? There are two different types of home refinancing. The first is rate and term (when you refinance your loan balance). The second is called a cash-out refinance. The Jasper Group's 360-degree approach will help you understand how refinancing can help your financial goals. We will help you determine which plan is best for you. You can use home refinance not just as a way to lower an interest rate. You can use refinancing your home to:
- Consolidate other high-interest debt.
- Finance a child’s college tuition at a lower interest rate than student loans.
- Fund an underfunded retirement.
- Improve monthly cash flow.
- Finance a much-needed renovation to the current home.
- Provide a down payment for an investment property or second home.
- Any other cash needs.
Click the images below to enter your loan specifics and gain useful information as you make your decision!
Most importantly, this is a tool to help you if you want to refinance your home or buy a home. Therefore monthly payment amount includes both principal and interest based on a fixed-rate mortgage. If you'll be using an adjustable-rate mortgage, this amount only applies to the fixed period. But the monthly payment amount shown is based on your provided information and is only an estimate. This calculator assists you with estimating actual monthly mortgage payments. In conclusion, this mortgage calculator is specifically information only. Examples are based on the information entered by you and are specifically for illustrative purposes only. This calculator is not an offer to lend. APR (Annual Percentage Rate) is a rate used to calculate your cost of borrowing in a year. Unlike interest rates, APR factors the amount borrowed, the interest rate, one-time fees, and any discount points to determine a more accurate yearly cost.