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Which Product is Right for Me?
Refinancing
Cash-Out Refinancing
Home Improvement
Debt Consolidation
Combo Loan
Refinancing
A refinance loan allows you to change the terms of your loan. Typically home refinancing is done when you have a mortgage on your home
and apply for a second loan to pay off the first one.
Refinancing may be right for you if you:
- Want to lower your interest rate
- Would like to shorten the term of your mortgage
- Want to exchange an adjustable rate mortgage for a fixed rate mortgage
Cash-Out Refinancing
Cash-Out Refinancing is when you refinance your mortgage for more than you currently owe and pocket the difference.
Cash-Out Refinancing may be the right choice if you:
- Want to take money out of your home for any use such as making repairs to your home or home improvement to increase
the value of your home, pay for college tuition, pay off high-interest credit card debt, buy a vacation home or use it as
an alternate source of income.
Home Improvement
Your can make the home improvements or repairs that you've always wanted with a Home Improvement Home Equity Loan. You can use the equity
in your home to build that second bathroom, finish the basement, or create that kitchen you've always dreamed of.
A Home Improvement Home Equity loan may be the right choice if you:
- Want to receive the full amount up front.
- Know exactly how much cash you need.
- Want to pay off other bills or credit cards
Debt Consolidation
You can refinance your home and consolidate your high-interest bills with a Refinance Debt Consolidation Loan.
You can reduce your monthly payments and the interest may be tax deductible (consult your tax advisor).
A Refinance Debt Consolidation Loan may be right if you:
- Want to payoff your high-interest bills
- Prefer to have one mortgage payment instead of two
- Have paid less than 10 years of your 30-year 1st mortgage term
- Would like to refinance your first mortgage and consolidate all of your bills into one easy payment
Combo Loan
This product is actually two mortgages. The first covers 80% of the property's value. The second, which comes at a slightly higher
rate, covers the remaining balance.
A Combo Loan (sometimes called a Piggyback Loan) may be right for you if you:
- Want to avoid paying costly private mortgage insurance when buying a home with less than a 20% down payment
- Would like additional tax benefits. Interest on a Piggyback Loan is tax deductible whereas PMI is not.
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