Refinance Your Home Mortgage
There are many reasons to consider refinancing your home. Maybe you want to lower your monthly mortgage payment, consolidate debt by refinancing for a better interest rate or tap the equity in your home for a special purchase. Whatever the reason, talk with a licensed mortgage expert from Equinox Lending will help you set clear financial objectives in order to choose the most appropriate refinance package for your home loan.
Benefits of Refinancing Your Home Mortgage
The interest paid on a mortgage will typically be your biggest expense as a homeowner, so finding ways to reduce it can be helpful for your overall financial health. Equinox Lending representatives will guide you through all the benefits of refinancing your home loan including:
- Getting a better loan: Whether you want to switch from an adjustable-rate mortgage to a fixed-rate mortgage, or simply wish to lock into a lower rate, refinancing can provide an opportunity to optimize your loan.
- Increase your long term net worth: A lower interest rate on your mortgage means you’ll save money over the lifespan of the loan. Use the extra cash to buy real estate for a retirement home, save for your child’s college fund, or buy a vacation home.
- Increase short term cash flow: Often, a home mortgage refinance will lower your monthly payment, which allows you the freedom to spend the extra money elsewhere.
- Make purchases with less interest: Use your home equity, instead of credit cards, to finance expensive purchases and take advantage of lower interest rates.
- Tax deductible interest: Your home mortgage loan interest is generally tax-deductible. Consult a tax professional for details.
Contact a licensed mortgage specialist today to discuss your refinancing loan options, such as a 15 Year Fixed Rate Mortgage, Interest Only Home Loan, or a Reverse Mortgage Loan. Equinox Lending is a mortgage broker, so you can trust that our experts have your best interest.
Lower Your Mortgage Interest Rate
When interest rates are low, it’s a good time to consider refinancing your home mortgage. Securing a lower interest rate and monthly payments could mean significant savings on your mortgage over the lifetime of the loan. Let Equinox Lending’s experienced team help you make the best choice for refinancing your home loan.
There are many options for lowering your interest rate and monthly mortgage payment. Depending on your current mortgage terms and financial situation, you may qualify for one of the following refinance programs:
- Fixed Rate Mortgages
- FHA Refinance Program
- VA Interest Rate Reduction Refinance Loan (IRRRL)
Each loan has different restrictions and qualifications. Equinox Lending’s experts will help you select the best refinancing options and manage your mortgage throughout the entire loan process. If you want to see how these options can directly affect your rates, try our mortgage loan calculator.
Improved Your Credit? Improve Your Loan
If you applied for a mortgage with bad or no credit, your interest rate may be higher than the national average. By paying down debt, making payments on time and practicing responsible borrowing behavior, you can raise your credit score and qualify for a better mortgage interest rate. Equinox Lending offers programs for consumers whose credit has been impaired in the past. If you have a history of bankruptcy, late payments or other credit problems, we may still be able to help lower your interest rate and monthly mortgage payments.
Secure Your Financial Future with a Reverse Mortgage
With a government-insured Reverse Mortgage Loan from Equinox Lending, homeowners 62 and older can enjoy a dream retirement by turning home equity into tax-free cash. A reverse mortgage can leave you extra money that can be used to travel, cover the cost of healthcare and prescription medications, eliminate debt, cover home improvement costs and more. This loan allows you the option to receive the income as monthly payments, a lump sum, a line of credit or a combination of all three.
Because refinancing or taking out your home’s equity may increase the total number of monthly payments and/or your total finance charge, which may be higher over the life of the loan when compared to your current situation, we encourage you to contact Equinox Lending’s mortgage refinance professionals so we can help you make an educated decision for your home financing needs.
Home Improvement Loans and Financing
Instead of buying a new house, some homeowners are choosing to upgrade and remodel their current homes. Home improvement loans give you the means to increase the value of the property and allow you to customize your home from top to bottom. However, these upgrades are expensive and often require upfront cash.
One solution is to get a home improvement loan such as the FHA 203k Home Improvement Loan. This loan allows you to refinance your home mortgage for more than it’s worth and uses the difference in home improvement projects.
The following list provides examples of projects that can be financed through one of our home improvement loans:
- Roofs, gutters & downspouts; Interior & exterior painting; Minor kitchen & bath remodels; Flooring: carpet, tile, wood, etc.; New windows & doors; Energy efficient improvements; Removal of lead-based paint; Decks, patios, porches; Landscape improvements; Basement waterproofing; Washer/dryer upgrades
To learn more about Equinox Lending’s home improvement loan enhancements to your home, try our refinance mortgage calculators in our loan resources center or contact one of our experienced mortgage professionals.
Refinancing and Purchase Loan Options
Applying for home financing can be overwhelming. Whether you’re a new home buyer looking for a first time mortgage or needing to refinance your home mortgage, there are hundreds of types of mortgages and refinancing loan options available, each with their own qualification and terms. At Equinox Lending, we understand that there is no one size fits all solution to home financing. Our experienced mortgage experts will work with you to find the best types of mortgages for your individual needs. For those buying a home, we offer free up-front credit approvals and fast on-time closings to make your loan as simple and easy as possible.
Fixed Rate Loans
With a Fixed Rate Loan, your interest rate and the monthly payment will remain the same even if market rates increase. It offers the security of knowing exactly what your mortgage expenses will be for the entire length of the loan. We provide both 30 Year Fixed Rate Loans and 15 Year Fixed Rate Loans.
FHA Loans
These are federally insured loans that offer to finance to people who may struggle to qualify for traditional loans. Typically, FHA loans require little to no down payment and feature flexible terms, which are popular among first-time home buyers and those with less-than-perfect credit.
Home Improvement Loans
Finance alterations, remodeling or structural improvements with one of our Home Improvement Loans. These loans allow your mortgage balance to exceed the purchase price or appraised value of the home, so you can take out extra money for upgrades.
Jumbo Mortgage
Conventional loans are often not enough to cover the financing for high-priced luxury homes. A Jumbo mortgage is a privately securitized mortgage with higher payouts that can be used to finance up to 89 percent of your new home.
Reverse Mortgage
Seniors aged 62 and over are able to convert the equity in their homes to monthly income or a line of credit. Reverse Mortgages can also be used to purchase your retirement home.
VA Loans
Active duty military personnel and veterans can qualify for special mortgage rates and housing programs that are federally insured by the United States Department of Veterans Affairs.
Home Affordable Refinance Program (HARP)
The updates to the government’s Home Affordable Refinance Program, termed HARP 2.0, helps homeowners, that were previously unable to refinance due to loan-to-value guidelines, take advantage of today’s low-interest rates.