It’s Time to Take Advantage of the Equity in Your Home With a Refinance Loan in Weatherford, TX, Today!
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Cash Out Refinance
A cash-out refinance can be a helpful tool to access the equity you've built in your home. By refinancing your existing mortgage with Pure Funding Mortgage, you could potentially secure a larger loan and receive the difference in cash. Here's how it might benefit you:
· Debt Consolidation: High-interest debt like credit cards or personal loans can strain your finances. By consolidating them with a cash-out refinance, you could benefit from a potentially lower interest rate on the new mortgage, simplifying your repayments and potentially saving money.
· Home Improvement Projects: Does your home need a facelift or major renovation? A cash-out refinance can provide the funds to upgrade your kitchen, bathroom, or other areas. Additionally, if the improvements increase your home's value, it can boost your equity even further. Remember to check if Pure Funding Mortgage offers terms that allow using the funds for renovations.
· Major Expenses: Life throws curveballs sometimes. A cash-out refinance can provide a lump sum to cover unexpected expenses like medical bills, educational costs, or even a dream vacation.
· Cash Out Limits: In most cases the max loan amount on the new can not exceed 80% of your loan to value of your home for example, if your home is worth $500,000 the most your new loan amount can be is $400,000.
Cash Out Exceptions: FHA / VA not permitted in TEXAS
VA LOANS
FHA LOANS
CONVENTIONAL LOAN
SELF EMPLOYED PROGRAMS
Breathe Easier with a Rate and Term Refinance from Pure Funding
Feeling the pinch of your current mortgage payment? A rate and term refinance from Pure Funding Mortgage (assuming they offer this option) could be the key to unlocking financial freedom. This type of refinance allows you to adjust your existing mortgage terms without taking out any additional cash. Here's how it can benefit you:
Lower Interest Rate, Lower Payment: If interest rates have fallen since you first got your mortgage, a rate and term refinance can significantly reduce your interest rate. This translates to potentially hundreds of dollars saved each month, freeing up cash for other priorities.
Shorten Your Loan Term: Do you crave the satisfaction of owning your home outright sooner? You can use a rate and term refinance to switch to a shorter loan term, like a 15-year loan from a 30-year one. While your monthly payment may increase slightly, you'll pay off your mortgage significantly faster and save on overall interest costs.
Eliminate Private Mortgage Insurance (PMI): If your home equity has increased since purchasing your home, you might be able to refinance and eliminate PMI. PMI is an additional monthly expense that protects the lender if you default on the loan. Removing it lowers your overall monthly payment.
Increase Cash Flow, Improve Budgeting: A lower monthly payment from a rate and term refinance can free up much-needed cash flow. This can help you improve your budget, build an emergency fund, or invest in your future.
Peace of Mind and Predictability: Locking in a lower interest rate with a rate and term refinance provides peace of mind knowing your monthly payment won't fluctuate with variable interest rates. This allows for better financial planning and budgeting security.