Articles & FAQ
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Cash Out Refinancing FAQs
A cash-out refinance, in which you will refinance your mortgage for a larger amount than the existing mortgage loan, frees up a portion of your existing home equity in cash. It could be for a home renovation, college tuition or to pay off high-interest credit card debts.Read More
Refinancing a mortgage means that you are applying for a new loan to replace your existing mortgage loan. The choice to refinance a mortgage will likely be motivated by lowered mortgage rates, meaning the new loan will be more favorable and align with your personal and financial goals.
By consolidating high-interest unsecured debt into one low interest mortgage, it can make your ability to repay your debt more manageable. Mutual of Omaha Mortgage offers two financing options on your mortgage to be able to help pay off debt: a cash-out refinance and home equity loan.
Lower Monthly Payments
For many homeowners, your mortgage payment is often the most expensive item in your monthly budget. Thanks to favorable market conditions that have kept interest rates at or near historic lows, you may have an opportunity to lower your monthly mortgage payments by refinancing.
Sponsored by the U.S. Department of Housing and Urban Development (HUD), FHA loans are government-backed home loans distributed by private lenders like Mutual of Omaha Mortgage. FHA loans are federally insured, meaning that buyers do not face a steep down payment or credit requirements compared to conventional loans.
Shorter Term Mortgage
The decision to refinance your mortgage starts by determining what you would like to accomplish. For some homeowners, the goal of a refinance is to pay off their mortgage loan sooner. By shortening your loan term from 30 years to 20, 15 or 10 years, you can typically qualify for a lower interest rate - which could result in big savings over the life of your loan.
Refinance Investment Property
With market conditions at or near all-time lows, it’s never been a better time to explore your options to refinance your rental or investment property. This can be helpful if you’re looking to make enhancements to the property, pay off debt, purchase another investment property or simply want to try and make your loan terms more affordable.
7 Signs You’re Ready To Buy Your First Home
Buying a home takes financial and emotional responsibility that you may have never had to have before, so it is important to make sure you’re fully committed to homeownership before you prepare to purchase. Here are a few signs that you might be ready to take the first steps to becoming your own landlord: