Refinance Loan
Refinancing your mortgage can be a smart financial move that can help you save money, lower your monthly payments, or achieve other financial goals. Whether you want to take advantage of lower interest rates, tap into your home's equity, or change the terms of your loan, our refinance loans can provide you with the right solution.
When you choose Worrom Mortgage for your refinance loan needs, you can expect personalized service, competitive rates, and a commitment to your financial success. We are here to help you unlock the potential of your home and reach your financial goals.
Here are some key characteristics of conventional loans:
Credit Requirements
620 or higher for conventional refinance loans. However, specific credit requirements can vary depending on the lender and the type of refinance loan.
Down Payment
For most refinance loans, there is no down payment required. The purpose of a refinance loan is to replace an existing mortgage with a new one, so a down payment is typically not necessary.
Terms and Interest Rates
he terms and rate options for a refinance loan will depend on the lender, loan program, and the borrower's qualifications. Common refinance loan terms include 15-year and 30-year fixed-rate mortgages (FRMs) or adjustable-rate mortgages (ARMs) with different initial fixed-rate periods.
Highlights:
Lower Interest Rate
Cash-Out Option
Debt Consolidation
Improved Loan Terms
No Mortgage Insurance