A mortgage can be used to purchase residential real estate—your primary residence, a second home or vacation property, or an investment property. However, some folks don’t always realize is that once you’ve got a mortgage, you can still call me back to help you refinance that same mortgage. A refinance mortgage is simply a way of paying off an existing mortgage with a new one. This new mortgage, however, has its own new terms.

Generally these new terms will benefit the borrower in some way.

• lower monthly payment
• lower interest rate
• lower total cost of financing
• shorter loan term
• a larger loan balance
• convert your home equity into useable cash

Currently, there are some interesting refinance programs available that allow for little or no equity in the property, such as the Fannie Mae DU Refi Plus or Freddie Mac Open Access loan, specifically. These loans are sometimes called HAMP or HARP loans. These names come from the 2009 US legislation that made the loans possible in the first place. From my perspective, a refinance loan is just another mortgage, and a loan is a loan is a loan—I’m here to help you figure out what’s right for you.

How I help

People are not always aware that I can help with refinance as well as mortgage purchases. I am sometimes surprised to find out that one of my clients has refinanced—simply because they did not realize that I can help families with their refinances just as well as I can help them in a purchase situation.

My approach with refinance is extremely valuable in a number of reasons.

• I consult with clients on creating a plan for any specific debt repayment or mortgage acceleration.
• We have sophisticated software that can help show you not only the cost to refinance, but also the cost to pay off specific debts.
• There are opportunities to use cash in ways that are far more beneficial than paying off certain forms of debt.
• Many times a no-cost refinance that frees up $150 per month might not get a borrower too excited. However, directing this money into a 529 college savings plan over the course of 10 years can make a huge difference for a family—turning what seems like a small saving into something much more meaningful.

I have experience with all mortgages, and am happy to help you figure out which plan is best for you. Don’t hesitate to contact me to see how I can help you make sense of your mortgages.