Ignite FB Tracking PixelHow to refinance your mortgage - Ronald Bixby - Realtor with Realty ONE Group Dockside
Ronald Bixby - Realtor with Realty ONE Group DocksidePhone: (203) 240-6740
Email: [email protected]

How to refinance your mortgage

by Ronald Bixby - Realtor with Realty ONE Group Dockside 05/13/2024

How to refinance your mortgage  featured image

If you’ve been paying off your home for a while, you may be interested in refinancing your mortgage. Mortgage refinancing gives homeowners the opportunity to tap into the equity they’ve built up and use it in a way to positively change loan conditions or invest back into the property itself. 

What is mortgage refinancing?

When you replace your old home loan by paying it off with a new one, you refinance your mortgage. Benefits include switching insurance rates (Example: from an adjustable rate to a fixed rate), shorten the term of the loan or even decrease the loan interest rate.   

In addition to home improvements, with cash out refinance, you can turn your built-up equity into cash. 

Find out how much equity you have in your home

Speaking with your mortgage lender, you can check how much equity you’ve built up on your home. This amount is made of the money you’ve paid back towards the balance of the property. 

For example, if the value of your home is $400,000, and you owe $300,000, you would have $100,000 of equity. 

Prepare your documents and apply

Once you’re ready for a mortgage refinance, you’ll need to gather documents to apply. These documents include, but are not limited to: 

  • Tax statements. 
  • Salary info.
  • Copy of homeowners insurance policy. 
  • Etc. 

Once all needed signatures and loan conditions are met, you’re given a cooling-off period of 3 days to retract your mortgage refinance request. In this case, you would just continue making your normal monthly payments on your original mortgage. 

Refinancing your mortgage is a huge step, so consider taking your time to weigh out the pros and cons.



About the Author
Author

Ronald Bixby - Realtor with Realty ONE Group Dockside

Hi, I'm Ronald Bixby and I'd love to assist you. Honor, Respect, and Integrity...These are qualities that were instilled in a small town in upstate NY and reaffirmed in the US Navy. I was raised in a town called Horseheads. After graduating High school, I decided to see the world and I went into the Navy. Although I wanted to see the world, I ended up joining the submarine force and unfortunately, they don't have too many windows on subs! After getting out of the Navy, I found myself with an opportunity to get into the restaurant business and that's where I spent the next 30 years. I am blessed with an amazing wife, who is my rock, 4 beautiful daughters, and a son... Parenthood has a way of keeping you on your toes! However, thinking that I was missing something, I decided to make a change and started exploring the Real Estate business, and the more I looked into it, the more I knew this was the right profession for me. I like to help people and assisting a family buy or sell a home is a fantastic opportunity to do just that. If I can make someone half as happy as I am...it's a great day. Let me help you be happy.