If you’re a homeowner with at least 15% home equity and good credit, a Conventional Refinance may be the best option.
There are three formats to a Conventional Refinance that are backed by Fannie Mae or Freddie Mac. These three options are: Rate-and-Term Refinance, Cash-Out Refinance and a Cash-In Refinance.
In a Rate-and-Term Refinance, you can change the terms or length of your loan, the rate of your loan or both.
In a Cash-Out Refinance, you can increase the loan balance by at least 5% and you can receive the additional borrowed amount in cash at closing.
In the third option, the Cash-In Option, you can bring cash to the closing to decrease the loaned amount.
To learn more about the three options of a Conventional Refinance and see if they are the best option for your refinance, call 1st Capitol Mortgage, Inc. today for your free quote.