A traditional refinance is a low-cost conventional loan that may lower your monthly payment or let you pay off your house sooner. Even if your current mortgage is with another lender, you may be able to get a traditional refinance home loan from PrimeWay.
- Lower your monthly payment
- Change the term of your loan to build equity faster or pay off more quickly.
- Pay less in costs and fees; conventional refinance loans may cost less than FHA or VA loans
- Higher credit score - conventional refinance loans aren't backed by the government
- Have home equity of 20% or more to avoid private mortgage insurance
- Current market value of your home must be higher than your current home loan balance
With a cash-out refinancing you can access the equity in your home and get cash at closing, paying off the existing mortgage and any liens. Refinancing with cash out is an alternative to a home equity loan.
- Access funds for any financial need, including college tuition and home renovations
- Competitive rates for an economical way to fund big purchases or other needs
- Simplify and consolidate debt like credit cards, student loans or auto loans
Cash-Out Refi Types
- Conventional cash-out refinance - less eligibility guidelines than FHA or VA refinance, but do have income and credit score requirements
- FHA or VA cash-out refinancing - government backed offering attractive terms if you are eligible