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Refinance Rate Checker
What is refinancing, and how does it work
Refinancing is the process of taking out a new mortgage for your home to replace an existing mortgage. Refinancing is a great way to lower your monthly mortgage payments, reduce the term of your loan, or both. Refinancing may also be an option if you are looking to consolidate debt and need more cash in hand for other purposes such as renovating or expanding your home’s living space.
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Home Refinance Loans without the Hassle!
Need refinancing options on a home, or other real estate? Choosing a refinance product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole.
We’re here to make the home refinance process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE refinance analysis request.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether this is your first refinance or 7th.
The Home Refinance Process
Here’s how our home refinance process works:
- Complete our simple home refinance analysis request
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.
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- Fixed Rates
- Adjustable Rates (ARM)
- Conforming Loans
- Jumbo & Super Jumbo Loans
- FHA, VA, & USDA Loans
- Terms from 5 to 30 Years
How does refinancing work?
Once you have a new loan for your home, the old mortgage is discharged, and any type of equity in your house becomes yours. You will need to purchase private mortgage insurance (PMI) or pay an up-front premium if you are unable to make a down payment that equals 20% of the value of your home.
What are the benefits of refinancing?
Refinancing can give you a lower monthly mortgage payment, which may be helpful if your income has decreased and/or rates have gone down since you made your original purchase decision. It’s also possible to refinance for a shorter term or extend it out so that payments will stay the same for the duration of your loan. Refinancing may also be a good option if you are looking to consolidate your other debts into one monthly payment.
It is important to note, however, that refinancing doesn’t necessarily reduce the total amount of your mortgage loan over time. If rates go up in the future and you’re no longer interested in being locked into a lower interest rate, you may be better off waiting to refinance until the rates go down again.
Longstreet Financial is a mortgage lender that helps families and individuals finance their home purchase or refinance an existing loan with our low, fixed rate mortgages.
We make it easy to compare refinance rates for your home.
If you’re in the market for a refinance, but don’t know where to start then it’s time to take advantage of our mortgage tools. We make it easy and simple by providing only the best rates from lenders so there is no need to put in more work than necessary when shopping around.
We also provide information about how to get pre approved with any lender and find out what monthly payments may be if you choose that lender. This means there’s no need to worry about contacting the different lenders and applying for a loan before you know what rate is offered. We’ve already done that work so it’s up to you which lender comes out on top!