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Refinance - Achieve Greater Financial Flexibility

Refinancing sounds intimidating, but it’s a great way for homeowners to take advantage of lowering interest rates. When you refinance, you replace your existing mortgage with one that has more favorable terms. You might shorten your repayment term, get a lower interest rate, or lower your monthly payments.

Great Northern Mortgage is here to help you with your refinancing needs and guide you through the process.

Benefits of Refinancing Include:

Lowering Your Interest Rate - Obtaining a lower interest rate can save you money over the life of your loan. Refinancing might lower your monthly payment, but it’s important to calculate fees and interest if your goal is to spend the least money in total during the life of your loan.

Modifying Your Loan Term - Changing your term (for example, from 30 years to 15), can help you achieve specific goals. You may avoid penalties for paying off your loan early, and you will pay less interest over the life of the loan. You may also be able to extend your repayment term if necessary due to financial hardship.

Consolidating Your Debt - You can consolidate multiple debts into a single loan, making it easier to manage and potentially saving money if your other debts have higher interest rates (for example, credit cards)

Make your payments predictable - Converting from an adjustable-rate to a fixed-rate can provide you with fixed monthly payments, making tasks like budgeting easier.

Consolidating Mortgages - Similar to debt consolidation, you can convert multiple mortgages into one, making repayment more streamlined and potentially saving money in the long run.

Access Cash - With a cash-out refinance loan, you can access funds to put toward home improvements, college tuition or unexpected medical expenses by using the equity you’ve built in your home.

There are different refinancing loan programs available, including:

  • Conventional Loans
  • VA Interest Rate Reduction Refinance Loans
  • FHA 203(k) Refinance
  • FHA Streamline Refinance
  • USDA Rural Streamline Refinance