Mortgage rates are constantly changing and the interest rate at which you closed your loan years prior may be significantly higher than where rates are today. Many homebuyers look to refinance their existing mortgage in order to take advantage of lower interest rates and effectively reduce their monthly payment in the process.
There are generally two ways that you can reduce your monthly mortgage payment by refinancing.
When applying for a refinance loan, factors that impact loan approval may include:
Your eLEND mortgage expert can review the specifics of your scenario and help determine the best options.
eLEND offers the following refinance mortgage programs:
Fixed rate loans can be used to refinance a primary residence, second or vacation home, or an investment property. Refinancing is also available for single family homes, condos, manufactured homes on owned land, and two-to-four unit multi-family properties.