When interest rates drop, your credit improves, or the equity in your home has increased, refinancing can decrease your monthly payments when you refinance to a lower rate and build equity faster.
There are many reasons to choose cash-out refinancing, like using the equity you’ve built in your property to make home improvements, pay for a child’s education, or pay off unexpected medical bills.
When you want to take advantage of lower interest rates to build equity in your home faster, refinancing to a shorter-term mortgage can be an attractive choice. When you change from a 30-year mortgage to a 15-year mortgage, for example, you reduce total interest costs by paying off the loan sooner and save money over the long term, though your monthly principal payments may be higher.
Free up monthly cash by consolidating consumer debt interest to an interest-deductible mortgage loan, roll high-interest consumer debt into a lower-interest loan, and reduce monthly payments by spreading out the payments over 30 years.
When you want predictable payments over the long term, switching from an adjustable-rate mortgage to a fixed-rate loan can give you the peace of mind that your payments will not increase when interest rates change. You lock in a lower rate that will not fluctuate.
Talk to your mortgage advisor to determine whether refinancing makes sense for you. Consider whether the payoff justifies the costs, long-term financial impacts, and payback period.
Gather documents and submit your application. Then we’ll order an appraisal and analyze your credit, income, and assets.
You may be asked for more information while your file is being underwritten. Communicate with your Change Home Mortgage advisor for updates.
It’s official! Soon after signing the loan documents, you’ll receive your funds.
Our mortgage advisors are here to help.
"Being a first-time homebuyer comes with its own set of challenges, facing the unknown, getting the required documents, and trying to decide what loan product best meets our needs. We contacted Change and our fears were immediately put to rest.”
"Change Home Mortgage has always been my go to for my real estate clients, so when it came time for my husband and I to do a refi of our own home, it was a no brainer. I knew that Change would take care of us and put us in the best possible position. They made the process very easy from start to finish, despite COVID.”
“When we first decided to buy our first home, we were initially afraid of the process. Once we decided on the neighborhood we wanted to live in, we talked to quite a few neighbors in the area, and they all recommended Change. The team did an outstanding job of educating us on the process of buying a house from start to finish. We are currently living our best lives in our dream home, thanks to Change.”
Change Lending, LLC dba Change Home Mortgage is a state-licensed mortgage lender, NMLS ID #1839. To verify licenses, visit www.nmlsconsumeraccess.org. Headquartered at 175 N Riverview Drive, Suite C, Anaheim, CA 92808. AZ: Arizona Mortgage Banker License #0925326; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act and California Financing Law; CO: Regulated by the Division of Real Estate; GA: Georgia Residential Mortgage Licensee #48010; MN: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206(3) & (4); NJ: Residential Mortgage Lender License – N.J. Department of Banking and Insurance; OH: Ohio Residential Mortgage Lending Certificate of Registration #RM.804654.000. RI: Rhode Island Licensed Lender #20224336LL; For other states, visit www.changemtg.com. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Some of the products referenced are originated by The Change Company CDFI LLC, the parent company of Change Lending, LLC. The Change Company CDFI, LLC (“TCC”) is a state-licensed mortgage lender, NMLS ID #2486868. For additional information, visit www.thechangecompany.com. CHANGE LENDING, LLC AND ITS LOAN PRODUCTS ARE NOT SPONSORED OR ENDORSED OR BEING OFFERED BY THE U.S. TREASURY DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY. © 2023. Change Lending, LLC. All rights reserved.