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Average Rates: 3.6% - 30yr|3.25% - 15yr
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Homestead Financial Mortgage

Let Homestead Financial Mortgage provide you with a stress-free home mortgage or refinance experience! Ask us anything at anytime because it's always #zerotofindout.

Refinance

Thinking about refinancing? Homestead Financial Mortgage has the right mortgage program for you. And, as a direct lender, we can close your loan fast.

All About Refinancing

There’s never been a better time to refinance - with low rates & multiple loan programs, the team at Homestead Financial Mortgage can help you reach your financial goals. And, since we’re a direct lender, we take you all the way through from the initial application to funding your loan. There are no middlemen, wasted time, or extra fees.

Refinancing Advantages

Have you ever wondered why every year thousands of homeowners refinance their mortgage?

Some of the top advantages of refinancing are:

  • You can save money over the life of the loan.
  • You can bring stability to a changing mortgage payment.
  • You can improve your monthly budget and have less stress.
  • You can even refinance and consolidate your debts.

Reasons to Refinance

Each and every borrower has their own reasons to refinance. At Homestead Financial Mortgage we’re here to help you reach your financial goals. Here are the top reasons our borrowers refinance their mortgages:

  • Lowering their interest rate is probably the top reason. With interest rates being so low, this could be a smart option for you too.
  • Get rid of high-interest debt and credit cards. Plus, instead of paying multiple loans - you'll only have one.
  • Eliminate private mortgage insurance. When you have 20% equity, you can get a home loan without PMI.
  • Take cash out for home improvements or anything else you would want to splurge on!

Property Value

Since a mortgage is a loan secured by a piece of real property, when you're thinking about refinancing, it's important to have an accurate idea of what your home is worth. Although you might have a good idea of what other homes are selling for in your neighborhood, the actual property value is determined with an appraisal conducted by a licensed professional.

When you apply for a refinance, you'll be required to get an appraisal which we will order for you. The appraiser will inspect your home, verify the square footage, number of rooms, and note the condition of the house. They will also note any deficiencies like an old roof, un-permitted work - as well as repairs needed.

From there, they'll compare your home to other comparable properties “comps” that have sold in the neighborhood. In most instances, they look for sales within the last 90-days. By comparing recent sales to your home, the appraiser comes up with an accurate estimate of what your home is worth.

Appraisal Tips

Just like buying a new home - first impressions are crucial. Think about when you were looking at houses. You got an idea of the condition of the property as soon as you pulled up to it. The same thing goes for an appraiser. So make sure your home looks its best.

Although you don't have to do everything on this list, these are some things you might consider to get the most out of your appraisal. Here are our top tips:

  • Make sure your yard is freshly cut, weeds pulled, and no toys or bikes are laying around.
  • Have your porch looking neat, tidy, and swept. Buy a new doormat and add some potted plants. Create an inviting entrance.
  • Nothing puts up red flags like bad smells. Clean the house and air it out with some cracked windows. Better yet, before your appraisal, make a fresh batch of cookies in the oven.
  • Go through every room and get rid of clutter. Not only will you feel better, but the appraiser will also have a good impression.

Cash-Out vs. Rate-and-Term

When you're thinking about refinancing, you'll hear about two different types of mortgages. One is a rate-and-term refinance, the other is a cash-out refinance. Let's look at the difference.

Rate-and-term - has a loan amount that is just enough to repay the balance of the existing mortgage. In most cases, you can roll the closing costs into the loan. The purpose of this loan could be to reduce your interest rate. You can also change the loan term. For example, you could go from 30 years to 15 years, or switch from an adjustable mortgage to fixed. Or, you could do both - get a different rate and term.

Cash-out refinance - has a loan amount that is larger than your current mortgage balance. You're able to borrow more because you have equity in your home. With a cash-out-refi, you convert some of your home equity into cash proceeds. You receive these funds at loan closing, and you can use them for home improvements, debt consolidation, or whatever you choose.

Home Equity or Line of Credit

There is another refinance called a home equity loan or home equity line of credit (HELOC). Similar to a cash-out-refinance, if you have equity in your home - you can turn it into cash. Typically this type of loan has low-interest rates.

With a HELOC, you can receive a large sum of money, or have an open line of credit to draw on as needed. You can use the funds to make home improvements, pay college tuition, unexpected expenses, or whatever you choose.

Mortgage Programs We Offer

Conventional Loans

Perfect for your primary resident, second home, or investment property

FHA Loans

3.5% down loans - a great deal for borrowers with low credit scores

USDA Loans

0% down loan for rural property and suburban homebuyers

VA Loans

$0 down loan for veterans, service members, and sometimes spouses