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Thinking About Refinancing Your Home to Get Cash for Something Else? Find Out What Type of Loan to Get



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New Home/Purchase Loan
This type of loan is used to buy real estate. You may be buying your first home, replacing your primary residence, buying a second home or vacation home, or purchasing an investment property – each of these has its own set of lending “rules” that dictate how the loan can be structured.

A lender will consider the property type, your credit, your assets, your income, and the amount of money you have to put down to determine how much they will lend and at what rate. Each category of consideration breaks down further into many sub-categories – each affecting their decision. It is important that your loan be “packaged” correctly to improve the likelihood of approval and to guarantee you the best possible rate. A consultation with a seasoned mortgage professional greatly increases the chances of approval at the best possible rate.

When buying a property, you may or may not employ the services of a real estate agent. Whether you do or not, it is always to your benefit to arrange your financing in advance. You are always in a much stronger bargaining position if you know exactly what you are capable of offering – you can dictate how the transaction will occur as opposed to hoping it will occur. Once you’ve pre qualified, you can then begin shopping for real estate; or if you already have a property in mind, you will be ready to make an offer. You can pre-qualify right now with no cost or obligation.

Mortgage Refinancing
Refinancing generally refers to a “rate and term” refinance. This means that you are going to refinance your existing mortgages. You usually refinance to accomplish one of two things: Lower your payment or reduce the term of your loan.

Lowering your payment can be accomplished by reducing the rate or extending the term of you loan. Reducing the rate is self-explanatory. Extending the term means to stretch the amount of time left to pay on your loan out to a longer period of time. For example, if you started with a 30 year term and have paid on it for ten years, you can refinance to re-extend the remaining balance back to 30 years. Your payment should be reduced. There are many other reasons to refinance. Some people are not happy with their current mortgage holder, wish to find a way to eliminate mortgage insurance or would like to combine a first and second mortgage. Combining mortgages can save you hundreds each month.

Home Equity Loans
You may be looking for a mortgage loan to get cash or equity out of your home in order to pay for wedding, college expenses, legal or medical expenses, investments, major purchases, vacations or any other reason you can imagine where you need a significant amount of cash in hand. These are called “cash out” loans.

There are thousands of products available to tap the equity in your home for cash. You may do an equity line of credit, a closed end second mortgage, or a first mortgage, to name a few. There are a lot of factors to consider when picking a product. How quickly you will be able to repay the loan, how quickly you need the money, whether you need one lump sum or increments, how much you want to pay each month and your long term plans are just a few.

Cash out loans are generally considered high risk. You would think it easy to get the equity out of your home, but lenders are very fussy about how much of your money they are willing to let you have without them controlling where it goes! Lenders will carefully scrutinize your current financial position, your credit, income, property, assets and the reason for needing cash. Absurd as it sounds, even the wording for why you want the money can cause your loan to be declined.

Home Improvement Loan
There are thousands of products available for home improvements. Home improvements can include anything from upgrades like replacing carpet to major renovations like adding a room or garage to your home. All home improvements have one thing in common – you will be borrowing money to improve the quality and appeal of your home. In almost all cases this means you will also be increasing the home’s value.

Products available for home improvement vary widely. You may do an equity line of credit, a closed-end 2nd mortgage, an after-value loan, a first mortgage, or a host of other equity products. What you want to accomplish, how long it will take, how much equity you currently have available and how much you can afford are among the most important considerations when choosing a loan product. While trying to accommodate what you want to do, you must also be aware of what you qualify to do. The guidelines for these products are “lender specific.” This means that there are literally thousands of lenders to help you with your project, but each will have their own list of qualifications. All lenders will be looking at your credit, income, property, assets and the improvements you plan to make.

It is absolutely critical that you not begin your project before you obtain financing. It is nearly impossible to find financing once you’ve torn down walls, stripped floors or dug holes (just to name a few starting points). Explore several different lending solutions and make sure you have a long term plan for when your project is complete.

Debt Consolidation Loan
Debt consolidation is the number one reason for refinancing a mortgage. Consolidating serves one of two purposes: save money every month or pay off your mortgage and other debt faster.

If you are under financial pressure every month, need a little more breathing room or would like to use your monthly income for something other than debt, you are interested in saving money every month. Lenders will consider the benefit of this savings to your overall financial condition to help them make a decision on the loan – the more you save the better able you are to repay them.

If you are comfortable with the amount you pay, but feel you are not obtaining the maximum benefit or buying power with you payments, you are interested in paying off your mortgage and other debt faster. Consolidating some small loans, credit cards and other debt creates a margin in your monthly payments. That margin can then be applied to you mortgage to pay it off faster. A shorter term or period of repayment on your loan generally translates to a better interest rate.

There are many loan programs designed for debt consolidation. You must consider why you are consolidating, how much you would like to save every month, how quickly you would like to pay off your mortgage, your long term plans (retirement, selling your home, etc.) and which debts are best included in a mortgage refinance. You may choose to do a first or second mortgage – depending on what you want to accomplish over time. Lenders will be looking at your credit, income, assets, property and the benefit of refinancing to your overall financial well-being.


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