Refinancing is the process of replacing your current/existing* mortgage with a new loan that is more favorable to you. The Loan Process of refinancing your home is very similar to financing the purchase of a new home. The main difference being, instead of paying off a seller and the seller’s mortgage company, we’re simply paying off your current mortgage lien. Regardless if your previous lien was with Network Funding or someone else, we have the ability to refinance it for you as long as you and your home still qualify for the financing.
Whether you need to take cash out (liquidate your current equity), shorten or lengthen the term of your loan, or simply improve the interest rate from what you have on your current mortgage, refinancing could make sense for you for any number of different reasons.
Reach out to your Loan Officer to see if now may be a good time to consider refinancing.
*note: it is possible to still refinance, even if you own your home “free and clear” (i.e. no current mortgage)