Refinances of Equity Take Outs
Consumers have the ability to refinance most mortgages for varying reasons. You can refinance to simply take advantage of lower rates, reduce your payments, or keep them the same and reduce your amortization. You can do so to debt consolidate or to take some equity out for investments or to purchase a rental or vacation property.
Recently, the Federal Government has changed the rules surrounding home owners ability to refinance their mortgage. At this point, home owners can now only refinance to 80% of the value of their home. If you have questions on whether you would qualify for a refinance or not, please contact us we would be happy to review the new regulations with you and to review your mortgage and see if refinancing would be an option.
For more information please contact us, we will be happy to do a complete mortgage review for FREE to determine if it makes sense for you to refinance.