Refinance Loans
Unlocking Possibilities with Your Home Equity
Refinancing presents homeowners with a powerful opportunity to optimize their financial situation. Whether aiming to lower monthly payments, eliminate Private Mortgage Insurance (PMI), or tap into home equity for various purposes, refinancing offers flexibility and potential savings. By securing a lower interest rate or extending the loan term, homeowners can significantly reduce monthly mortgage payments, providing immediate relief to their budget. Additionally, refinancing allows homeowners to eliminate PMI once they’ve built sufficient equity, further reducing monthly expenses. Moreover, by accessing home equity through a cash-out refinance, homeowners can address high-interest debt, invest in property maintenance, bolster emergency funds, or even venture into new investment opportunities. With careful evaluation of options and expert guidance, refinancing empowers homeowners to achieve their financial goals and enhance their overall financial well-being. Speak with an Island Legacy VIP Loan Specialist today!
Rate & Term Refinance
Rate and term refinance allows homeowners to adjust the interest rate or term of their mortgage without changing the loan amount.
Cash Out Refinance
Cash-out refinance enables homeowners to convert some of their home equity into cash by refinancing their mortgage for a higher amount than what they owe.
HELOCs & HELOANs
A home equity line of credit (HELOC) provides homeowners with a revolving line of credit based on the equity in their home, while a home equity loan allows homeowners to borrow a lump sum using their home’s equity as collateral.
Reverse Mortgage1
If you are 62+ and a homeowner, a reverse mortgage may be able to help free up your monthly cash flow. Get access to your home equity and stay in the house you love.
With a Reverse Mortgage:
- Use proceeds to pay off existing forward mortgage
- Make home renovations, pay off other debt2, fund in-home care, or travel the world
- Get tax-free3 proceeds with no monthly mortgage payments required*
- Rest easy knowing your heirs are never personally responsible for the loan4
- Provide a living inheritance and help pay for children’s homes or grandkid’s college education
- Reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home and paying all property charges, including property taxes, fees, and hazard insurance. ↩︎
- If you are thinking about debt consolidation, you might want to want to first consult a non-profit credit counselor. ↩︎
- Not a tax advice. Consult a tax professional. ↩︎
- Costs may apply. ↩︎
This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all participants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
