Refinancing your home can save you thousands of dollars while modifying terms that better suit your unique financial needs. However, the task of evaluating refinance options, and determining whether or not it’s the right move for you, can be daunting.
The mortgage bankers at First Ohio Home Finance, Inc. are ready to help simplify the refinance process and offer a customized solution that makes the most sense for your financial goals.
What is a Mortgage Refinance?
Refinancing a home involves taking out a new loan to pay off your original mortgage and replacing it with a loan more beneficial to you. Refinancing benefits can include lower interest rates, overall savings, shortened mortgage terms, and debt consolidation. The refinancing process requires completing a new loan application and sometimes a home appraisal and inspection. During the approval process, lenders examine the homeowner’s debt, income, job history, and credit score.