• Delorenzo Enterprises

Does Refinancing Your Mortgage Make Sense?

Most homeowners refinance their mortgage to either save money or tap into their equity to take cash out to use for any reason they desire.

Does Refinancing Make Sense?

Only you can answer that question; that's why it is essential to consider your goals before proceeding. Here are the most popular reasons why most homeowners refinance their homes.

  • Reduce your rate/payment. If you desire to lower your monthly payment, you can refinance into a loan with a lower interest rate. Another way to reduce your mortgage payment is to extend the term of the loan (e.g. going from 15 years to 30).

  • Convert your equity into cash. Typically referred to as a cash-out refinance. When you refinance to borrow more than your current mortgage balance, the lender gives you a check for the difference (minus any closings costs associated with your refinance). It may be possible to take cash out while at the same time lowering your interest rate.

  • Going from an Adjustable Rate to a Fixed Rate. Interest rates on Adjustable Rate Mortgages (also referred to as ARMs) can fluctuate after a certain period depending on the loan that you have. Interest rates on fixed rate loans stay the same throughout the entire life of the loan, which may provide you with a peace of mind and more financial stability.

  • Lower your term to pay off your mortgage faster. Going from a 30 year mortgage to a 15 year mortgage means that you will pay it in half the time. As a result, you will save money on interest over the life of the loan; however, your payment will go up because you’re shortening the term.

  • Eliminating mortgage insurance. Private Mortgage Insurance (PMI) on conventional home loans or FHA Mortgage Insurance Premium (MIP) on FHA loans may be removed in some cases by refinancing.

Whatever your reason may be for refinancing; make sure to carefully go over the numbers to see if refinancing makes sense for your particular situation. As always, we’d be happy to help you with any of your home financing needs and answer any questions you may have.

Disclaimer: All loans are subject to Credit and Appraisal Approval. Programs, Rates, Terms, and Conditions are subject to change without notice. This is not a commitment to lend.

Nationwide Mortgage Bankers, Inc. 68 S. Service Road, Suite 340, Melville, NY 11747 is Registered with the Nationwide Mortgage Licensing System NMLS # 819382 www.nmlsconsumeraccess.org.

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*All loans are subject to credit, income, appraisal and underwriting approval. Programs, rates, terms and conditions are subject to change without notice. This is not a commitment to lend. Additional restrictions and requirements may apply, contact us for full details. **Drive-by appraisals cannot be used for cash-out refinances and are not be available in all areas, additional restrictions and may apply. Contact us for full details.


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“NMBNOW” “Americasa” and “Americasa Home Loans” are registered DBAs of Nationwide Mortgage Bankers, Inc. (“NMB”) 68 S. Service Rd., Suite 400, Melville, NY 11747 | (833) 700-8884. “Americasa” is not a DBA approved in New York but “Americasa Home Loans” is.  NMB is registered with the Nationwide Mortgage Licensing System NMLS # 819382. DBA NMB Home Loans Inc. in AL, AZ, FL, GA, IL, IA, KS, LA, MN, MT, OK, PA, SC, SD and TX. DBA NMB Home Loans in MA. NJ Residential Mortgage Lender Lic. #819382; NYS Department of Financial Services #LMBC 109667 HUD Approved Title II Supervised Lender #3113200005. AL Lic. # 22591; AZ Lic. # 0949651; 0950066; 0950644; 1000790; 1002506; 1003401; AR Lic. # 116238; CA Lic. # 60DBO73939; CO Lic. # 819382; CT Lic. # ML-819382; DE Lic. # 026151; DC Lic. # MLB819382; FL Lic. # MLD713; GA Lic. # 59112; IL Lic. # MB.6761339; IN Lic. # 819382; IA Lic. # 2019-0084; 2020-0015; 2020-0016; KS Lic. # MC.0025585; KY Lic. # MC700868; LA Lic. # 819382; ME Lic. # 819382; MD Lic. # 22830; MA Lic. # ML819382; MI Lic. # FL0022396; SR0022351; MN Lic. #MN-MO-819382; MN-MO-819382.1; MN-MO-819382.2; MN-MO-819382.3; MN-MO-819382.4; MN-MO-819382.5; MS Lic. # 819382; MT Lic. # 819382; NV Lic. # 4969; NH Lic. # 22702-MB; NM Lic. # 819382; NC Lic. # L-177277; OH Lic. # RM.804328.000; OK Lic. # ML011914; ML011915; ML012106; ML012342; ML012414; ML012454; OR Lic. # ML-5673; PA Lic. # 36743; RI Lic. # 20193735LL; 20193825LB; SC Lic. # MLS – 819382; MLS - 819382 OTN #1; OTN #2; OTN #3; OTN #4; SD Lic. # ML.05278; TN Lic. # 155902; TX SML # 819382; VA Lic. # MC-6834; WA Lic. # CL-819382; WI Lic. # 819382BA; 819382BR; WY Lic. # 3358. Nationwide Mortgage Bankers, NMBNow, NMB Home Loans Inc, NMB Home Loans, Americasa & Americasa Home Loans are not acting on behalf of or at the direction of HUD/FHA or the Federal Government. NMB is in no way affiliated with “Nationwide Mutual Insurance Company.” Nationwide Mortgage Bankers, Inc is an Equal Housing Lender. For all licensing information please visit https://www.nmlsconsumeraccess.org