Refinance
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From our online pre-approval application to our personal closing experience, we will guide you through your unique homebuying journey. Try out the calculators below to see what you could save refinancing your home.
Refinancing FAQ
Refinancing a mortgage is a process where you take a new loan to pay off your existing mortgage, usually to secure a lower interest rate or reduce your loan term.
The primary benefits of refinancing a mortgage can include a lower interest rate, reduced monthly payments, accelerated home equity, change in loan term, or conversion of equity into cash.
The best time to refinance your mortgage is typically when interest rates are low, your credit score has improved, or when you have substantial home equity.
The advantage of a fixed-rate loan is that it provides stability and predictability, as you know exactly how much you will pay each month and how much interest you will pay over the life of the loan. The disadvantage of a fixed-rate loan is that it may have a higher interest rate than an adjustable-rate loan initially, and it may not allow you to take advantage of lower interest rates in the future.
The advantage of an adjustable-rate loan is that it may have a lower interest rate than a fixed-rate loan initially, and it may allow you to benefit from lower interest rates in the future. The disadvantage of an adjustable-rate loan is that it involves more risk and uncertainty, as you do not know how much your interest rate and monthly payment will change over time, and they may increase significantly depending on market conditions.
Costs associated with refinancing a mortgage can include application fees, loan origination fees, appraisal fees, title insurance, and closing costs, usually amounting to 2-5% of the loan amount.
The refinancing process can vary from lender to lender, typically it takes anywhere from 30 to 45 days from application to closing.
American Dream Mortgage LLC is a personal mortgage broker company that helps you purchase your home the right way. We offer an extensive range of loan products and programs to fit your unique needs, including Fixed and ARMs, Home Equity Line of Credit Loans, FHA Loans, and VA Loans. We also provide you with professional loan consultants who guide you every step of the way.
You can contact American Dream Mortgage LLC by filling out the form on our website, or emailing us at dana@americandreammortgagellc.com. We are available 24/7 to answer your questions and assist you with your loan needs.