🔍 Frequently Asked Questions About Refinancing
📉 Is it worth it to refinance if the lower interest rate is minimal?
It may be, especially if you plan to stay in your home long-term. Even a small drop in your interest rate can lead to substantial savings over time. Additionally, switching from an adjustable rate to a fixed rate—even at a slightly higher rate—can give you peace of mind with consistent monthly payments.
🏠Can refinancing my home eliminate my mandatory private mortgage insurance (PMI)?
Yes, in many cases. PMI can often be removed if either of the following apply:
- You’ve gained at least 20% equity in your home through appreciation or payments.
- You qualify for a high loan-to-value (LTV) no-monthly-MI program (LPMI).
đź’ˇ What is the difference between the rate and the APR?
The “rate” refers to your mortgage interest rate. The APR (Annual Percentage Rate) includes the interest plus estimated closing costs, points, and mortgage insurance. At HLS, we walk you through your Loan Estimate and Closing Disclosure to ensure full transparency before you make any decisions.
đź’° What is the maximum cash-out I can take from my home?
That depends on your loan type:
- FHA loans: Up to 85% LTV
- Conventional loans: Up to 80% LTV
- VA loans: Up to 100% LTV
All scenarios are subject to borrower qualifications. Contact us to see what’s possible for your refinance.
đź“ž Still have questions? Contact Home Loan Solutions today and speak with a mortgage professional who can help you navigate your refinance options.
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