Refinance Options

We are committed to providing consumers with mortgage refinance options that have absolutely zero lenders fees. This includes all fees that would typically be charged to the consumer by a lender. No fees include no points or origination fees, no processing fee, no underwriting fee, no funding fee and no miscellaneous fees. You pay no fees on your refinance! Let's take a look at some of your home mortgage refinance options.

Mortgage refinancing refers to the process of taking out a new home mortgage and using some or all of the proceeds to pay off an existing mortgage on your home. The main purpose of refinancing is to obtain a lower interest rate or lower your monthly payments by extending the term of your loan or reducing your interest rate. Remember that if you extend the term of the loan, you will reduce your monthly mortgage, but you will end up paying more total interest over the life of the loan. It is important to consider all of your refinance options before making a decision.

If you do refinance your home mortgage, you want to make sure that your monthly savings from refinancing will pay back the costs that are associated with refinancing while you are still living in your home. If you move before your refinancing has paid for itself, you really won't be saving any money. You can determine how long it will take for you to pay off the refinancing by dividing the cost of refinancing (points, closing costs, and private mortgage insurance) by the amount you will save each month from refinancing. Alternatively, you can eliminate the problem if you can find a no point, no closing cost mortgage. If you don't know how long you will live in your home a free refinance is often one of the best refinance options. FreeHomeRefi.com provides you with a no point, no closing cost mortgage so that you don't need to worry about recovering the cost of your refinance.

Generally, there are two ways to refinance home mortgage: rate and term refinancing and cash-out refinancing. Rate and term refinancing occurs when the amount of the new loan does not exceed the mortgage debt that you currently owe. Typically, you can borrow up to 95 percent of your home's appraised value with this type of refinancing. We can provide you with the cheapest fixed rate mortgages, an adjustable rate mortgage, home equity loan, or the best 30 year fixed mortgage rate with no closing costs. There are many refinance options available. A refinance mortgage can lower your interest rate and/or reduce the number of years that it will take to pay off your mortgage.

Cash-out refinancing occurs when you borrow more than you owe on your current mortgage. You are generally limited to borrowing no more than 75 to 80 percent of your home's appraised value with cash-out refinancing. There are FHA refinance options that will allow you to borrow up to 85% of your home's value. You can use the excess proceeds in any way you wish. Most people use this type of refinancing to pay off other outstanding loans, since the interest rate they pay on the extra cash they borrow will usually be less than the interest rate on the debt that they pay off (e.g., car loans, credit cards). Also, mortgage interest is typically tax deductible, while consumer debt is not. This strategy is useful if you use it to reduce your debt payments and you do not start charging items on your credit card again. It is our goal to provide you with low rate fixed mortgages, home equity loans, or adjustable rate mortgage loans to get the cash out that you're looking for. A refinance mortgage with FreeHomeRefi.com will always receive our no fees guarantee. Our lenders look forward to helping you understand your home refinance options.