Refinance your Property

When you refinance, you get a new mortgage loan your existing property to pay off your current mortgage loan that has a higher interest rate. Essentially, you liquidate your existing mortgage loan and replacing it with a new one over the same property whic usually results in excess cash for the owner. You can this excess to consolidate your debts, pay for educational costs and/or vacations, make improvements to your home, invest, save, pay for medical expenses or cover any extra costs to help maintain your finances under control.

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Advantages of refinancing

  • an interest reduction for your current mortgage credit of at least 1%.
  • Change the term of your mortgage loan.
  • refinancing to a shorter term loan, allows you to accumulate the liquid value of your home faster.
  • can take out the liquid value that you have accumulated in your property and use the funds for home improvements, consolidate debts or other purposes.
  • Increase your cash availability while reducing your monthly payments.
  • replace one type of mortgage loan for another, by going from fixed to variable interest rates or vice versa or change the duration of the obligation.
  • obtain a fixed or variable interest rate for short-term savings.
  • eliminate mortgage insurance. If your initial loan required mortgage insurance, then refinancing is a good alternative to eliminate this expense.

Costs to consider:

  • Closing costs. (Can be included in the loan amount.)
  • in some cases, a new appraisal is required.
  • It is possible to borrow money from the accumulation of the mortgage amortization on your property and use the cash to make improvement on the house.
  • Up to 90% of the liquid value on your house can be used to make improvements.
  • The amount of money from the mortgage amortization that can be used is based on the value of the property and the current amount of debt outstanding, according to the state laws that apply.
  • It is possible to refinance your house even when the mortgage amortization accumulation is not substantial.

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The insurance products are not a deposit, not insured by the FDIC, not insured by any Federal Government Agency, not guaranteed by the bank or an affiliate, and may go down in value. ©2014 Doral Financial Corporation. All Rights Reserved.