A cash out refinance allows you to tap into the equity tied up in your home putting it to work for you. When you refinance and access some of your money, you may use it for any purpose. Many pay off debt, which means optimizing their finances. Others want to do upgrades to their home, take a vacation, buy an investment property or pay for a wedding. The choice is yours!
If you are concerned that your mortgage will start over at 30-years, we have programs that offer flex terms, so you can keep your current term. We can do just about any term between 10-30 years. If you want 23-, 18- or 12- years, we can do it.
If you currently have mortgage insurance, you may be able to eliminate that portion of your payment if your value has increased enough in the past few years.
Refinancing is an easy process and can have the added benefit of boosting your credit score when all is said and done. If your cards are maxed out or are higher than the recommended 30% usage, paying them off with proceeds from a refinance can help your credit score. Interest rates are still at historical lows.
Silver Leaf Mortgage is a broker, which means that we can seek out the very best options for you offered by a variety of lenders whether you are self-employed, or W2. Our loan officers have years of experience and will work closely with you to be sure that the refinance loan you select will best meet your needs.