Refinance a Mortgage

There are many reasons one might choose to refinance their home. Sometimes you might choose a refinance because you want to lower your interest rate, you may also wish to refinance because you have an Adjustable Rate Mortgage (also known as an ARM) that is due to adjust within a period of time and you want to convert your mortgage to a fixed rate loan. Another common reason to refinance is that you wish to pull out cash from your home’s equity for one reason or another.Whatever your motivation to refinance, we at Kiel Mortgage want to ensure that you understand the benefits and costs of a refinance. We will take the time to¬†understand your situation and¬†find the right program to fit your needs.

Refinancing Loans

Fixed-Rate Loans.

A mortgage for which the interest rate will remain the same throughout the entire term.

Adjustable-Rate Mortgage.

Also known as an ARM. This is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. An ARM often has lower monthly payments, and it also has a ceiling above which payments can not exceed.

Jumbo Loans.

These are larger mortgage loan amounts and generally require bigger down payment and more strenuous credit requirements.