A refinance is getting a new loan for your house.
As part of the new loan you pay back your old loan.
There are a bunch of great reasons to refinance your loan:
- Get a lump sum of cash – “Cash out Refinance”
- Make a home repair or upgrade
- Investment or savings
- Vacation, Medical bills, retirement – Any place where cash would be useful
- Lower your mortgage payment
- Lower your mortgage rate
- Pay off loan faster
You can also refinance into a new loan and get more then one. For example you could get a cash out refinance, lower your mortgage payment and your mortgage rate.
Here are some of the top Lenders who can help you get a new home loan also known as a mortgage refinance – But there are a lot of options out there so make sure to look around.
Quicken Loans – https://www.quickenloans.com
Wells Fargo – https://www.wellsfargo.com
HSBC – https://www.us.hsbc.com/
Bank of America –https://www.bankofamerica.com
JP Morgan Chase – https://www.chase.com/
LowerMyBills – https://www.lowermybills.com/