Home Loan Refinancing, Illinois

Home Loan Refinancing

At Robert A. Mortgages, we are here to help homeowners in Illinois and Florida take full advantage of the refinancing options tailored to their financial goals. By replacing existing home loans with new refinancing options, homeowners can maximize the benefits of their home ownership. It’s a smart move, for it offers incredible benefits.

When Should You Consider Refinancing a Home Loan?

There are no fixed reasons; rather, it’s the personal circumstances and financial goals that drive the need to consider home loan refinancing. The best time to refinance a home is based on several factors.

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Switching from ARM to Fixed-Rate Mortgage

A mortgage with fluctuating interest rates is called an adjustable-rate mortgage. Through refinancing the home loan, homeowners can switch to a fixed-rate mortgage, providing stability and long-term predictability.

Access Home Equity Funds

Homeowners can convert home equity into cash if the appraised value of the home exceeds the amount they owe. Through a cash-out refinance, the difference between the new loan and the previous loan is paid back in cash, which can be used to cover personal expenses.

Eliminate or Reduce Private Mortgage Insurance

An increase in the home value or a decrease in the principal balance can help you lower or eliminate the private mortgage insurance using refinancing. Elimination or reduction in PMI reduces monthly costs, enabling savings.

Debt Consolidation

With refinance, you also have the opportunity to consolidate your debt and roll it into your mortgage. This streamlines all your monthly payments into one and reduces the interest paid on debt.

Lower Rates and Monthly Payments

If existing loans are costing you high monthly payments and interest rates, then refinancing is a great option to reduce payments. This will help you improve your overall financial situation, increase cash flow, and enable long-term savings.

Pay Off Loan Faster

Refinancing a mortgage loan also pays off the loan faster. For instance, if you are paying off a 25-year mortgage, you can finance the new loan for a shorter duration of up to 15 years. Although this will increase your monthly payment compared to your previous loan, you will have to pay less interest on your entire loan.

Robert A. Mortgage Supports Homeowners Through Home Loan Refinance Journey

Borrowers can apply for their mortgage on-line in minutes and have the option to pick their own interest rate and enjoy complete transparency.

Application
Rate Lock
Approval Process
Closing

Are you ready to take the first step? Get in touch today!

FAQ

What is the duration required to refinance a home loan?

Home loan refinancing can take up to 35-40 days. However, it also depends on the complexity of the finances involved or if you are applying at a busy time of the year. To limit the exposure to delays, you must ensure the essential documents are readily available, saving you time during the application process.

Is there any limit to refinancing my home loan in Florida and Illinois?

There is no limit; you can refinance the home loan as often as you want, provided you meet the lender’s requirements. There can be a waiting period between refinances, and each refinance comes with closing costs. To learn more, contact us at Robert A. Mortgages.

Can I get rid of PMI through refinancing the mortgage?

Probably yes, you will get rid of PMI if your home’s equity has increased and market interest rates have dropped. Depending on your existing loan, you will have the opportunity to either fully eliminate or reduce the PMI. However, many loans have a ‘seasoning requirement,’ according to which you might have to wait for at least 2 years before applying for home loan refinancing. In such a case, refinancing is not guaranteed.

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