Refinancing Your Home in Colorado
The refinancing process in Colorado is similar to getting a mortgage when you purchase your home. Here are the steps you need to start your refinance quote:
STEP 1: Set a clear financial goal.
STEP 2: Provide a recent mortgage statement & home equity line of credit (if applicable).
STEP 3: We will provide you with a quote. If there is a benefit, you can proceed with your online application.
There are several options when you are looking to refinance; whether it was removing Private Mortgage Insurance (PMI) or lowering your current interest rate, Refinancing is a great option. A cash-out means you refinance your mortgage for more than the current outstanding balance and keep the difference between the old and new loans. This is an easy way to access the money you already have in a liquid asset to pay off large expenses such as home improvements, debt consolidation, student loans, or to have extra money set aside for emergencies.
Cash Out On Refinance On Your Home
Conventional Refinance
What is a Conventional Refinance Loan?
A conventional refinance is simply a non-government backed loan used to refinance or replace an existing mortgage. Like conventional loans, a conventional refinance offers competitive rates, lower costs, and greater flexibility than other programs. Get A Quote Today!
What are the Benefits of Getting a Conventional Refinance?
| | Cancel FHA or Private Mortgage Insurance. |
| | Lower Interest Rate. |
| | Borrow Money For Home Renovations. |
| | Remove Person From Mortgage. |
| | Shorten Loan Term. |
VA Interest Rate Reduction Refinance Loan
What is an Interest Rate Reduction Refinance Loan?
Often called a Streamline Refinance, if you have an existing VA Home loan and want to lower your monthly mortgage payments, an Interest Rate Reduction Refinance Loan (IRRRL) might be right for you. Refinancing lets you replace your current loan with a new one under different terms. Get A Quote Today!
What are the Benefits of Getting a VA IRRRL?
| | Lower your monthly mortgage payment by getting you a lower interest rate. |
| | Make your monthly payments more stable by moving from an adjustable interest rate to a fixed interest rate loan. |
| | Roll closing costs into the loan. |
| | No VA Appraisal (in most instances). |
VA Cash-Out Refinance
What is a Cash-Out Refinance Loan?
A VA-backed cash-out refinance loan lets you replace your current loan with a new one under different terms. If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a VA-backed cash-out refinance loan may be right for you. Find out if you're eligible.
What are the Benefits of Getting a Cash-Out Refinance?
| | Pay off debt. |
| | Pay for school |
| | Home Improvements. |
| | Emergency Funds. |
FHA Refinance Loan
What is an FHA Streamline Refinance Loan?
FHA streamline refinance, a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle, and paperwork. With a Streamlined Refinance, you don't need to go through the FHA appraisal process again since the FHA has already valued the property.
The streamline program is only available to homeowners who already have FHA loans, but that doesn't mean you have to refinance with your existing lender. FHA loan requirements and fees may vary by lender.
The basic requirements of a streamlined refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced must be current (not delinquent).
- The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced and the new loan's interest rate and/or term.
Lenders may offer streamline refinances in several ways. Some lenders offer "no-cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher interest rate on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamlined refinance. Get A Quote Today!
What are the Benefits of Getting an FHA Streamline Loan?
| | Lower Interest Rate. |
| | No Appraisal. |
| | No Income Verification. |
| | No Credit Check. |
Still have questions on the Refinance Loan Process?
If you still have questions on the Refinance Home Loan Process, please contact New Dwelling Mortgage at 1-844-317-3050, Monday through Friday from 9:00 am to 5:00 pm EST.