Benefits of Refinancing

Refinancing Guide from Bank of England Mortgage Huntsville There are many benefits to refinancing your home. How do you get the most value out of refinancing, and is it even the right decision for you? We can help you make the best decisions for your needs.

Is this a good time to refinance?

If one or more of the following scenarios applies to you, it may be a good time to look into refinancing:

What are the benefits of refinancing?

Refinancing Guide from Bank of England Mortgage Huntsville

It’s important to remember that refinancing starts homeowners off with a new mortgage entirely; it takes them back to the beginning of the payment process. But, the benefits of starting over with a new mortgage may be entirely worth it. Homeowners are able to:

Best Way to Refinance

When making the decision to refinance, consider all your options and pick a plan that will best help you meet your financial goals.

What Types of Loans are Available?

Fixed Rate: With established and predictable monthly mortgage payments.

Adjustable Rate: The rate of an adjustable-rate mortgage is designed to change with the movements of the market index to which it is linked.

Cash-Out Refinance: This provides many traditional refinancing benefits, and lets you turn a portion of your home’s equity into cash to use however you like: paying off credit cards, medical bills, remodeling, college tuition, etc.

How Does Closing a Refinance Work?

Refinancing Guide from Bank of England Mortgage Huntsville As with the closing for your purchase, you’ll have several documents to sign at the closing for your refinance. Your former mortgage will be closed out, and you will begin again under the new loan structure established in your refinance agreement.

How Do You Prepare for Closing?

As your closing date approaches, you’ll want to be sure to stay in good contact with your loan officer. Although you’ve gone through the closing process before, you want to make sure the refinance process goes smoothly as well. Being prepared will always pay off in the end. Here’s what you’ll need:

We strive to make this process smooth for our customers. You should now be able to enjoy all the benefits provided by refinancing your home.