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The Refinance Loan

A refinance loan is mortgage loan used to lower your monthly payments and interest rates or consolidate your debts.

Benefits of a Refinance Loan:
  • Lower payments
  • Ability to transfer personal debt to mortgage loan
  • Lower closing costs and interest
  • Keep the same loan term

Additional Information
To qualify for a refinance loan, you must be current with your existing mortgage and have at least 5% home equity with a conventional loan or 2.5% with a FHA loan. If you do not meet the requirements with the equity in your home, you may still qualify if you have been current on your existing loan for at least 6 months. By refinancing an existing loan, the total finance charges may be higher over the life of the loan.