Refinance Your Home

Is Refinancing Right for You?

There are many reasons for a homeowner to consider refinancing their current mortgage. Waymaker Mortgage can help you determine if your refinance goals can be met and what benefits you can take advantage of by switching to a new mortgage.

Some incentives to consider when refinancing:

  • Lower your interest rate and monthly payments
  • Pull cash out from your home’s equity for debt consolidation or home improvements
  • Switch from a 30-year to a shorter term loan
  • Change from adjustable-rate to a fixed-rate mortgage
  • Eliminate PMI (private mortgage insurance) from a conventional mortgage or refinance from an FHA mortgage to conventional for removal of FHA mortgage insurance.

Seeing how much money you can save in the short- and long-term can determine if refinancing makes sense for you. By getting pre-approved upfront, you will know how much your monthly savings will be, and more importantly, how much total interest you can save over the life of the loan. This “net tangible benefit” calculation depends on many factors, such as your credit score, how much equity you have in your home, your current loan type, time remaining on your existing loan, and your current rate.

Refinancing does come with closing costs and fees. But before you proceed, you will know your approximate break-even point on the expense vs. total benefit of refinancing. Once you have this information, you can confidently choose a loan program that best fits your situation and will help you achieve your goals.

Why Choose Waymaker Mortgage for Your Refinance?

With all the loan programs available today, a Waymaker Mortgage loan strategist can help you pick the perfect loan for your unique situation.  You’ll be presented with several options based on your goals, what you qualify for, and a mortgage plan you’ll feel comfortable with.

Below are some options to consider for your refinance. However, there is no substitute for a one-for-one consultation with a Waymaker Mortgage loan strategy expert. Navigating the uncertainty of whether it makes sense to refinance can be frustrating and somewhat scary. Waymaker Mortgage makes your refinance a pleasant experience through the use of our cutting edge-technology coupled together with a personalized human touch. 

Refinance Loan Options

Conventional Refinance
  • Competitive interest rates
  • Loan amounts up to $647,000 in low cost areas; $947,800 in high cost areas
  • 30yr, 25yr, 20yr, 15yr, or 10yr
  • Fixed or adjustable rates available
Conventional Cash Out Refinance
  • Up to 80% LTV
  • Competitive interest rates
  • Payoff a 2nd mortgage or HELOC
  • Cashout to pay off high interest debt
VA Loan Streamline Refinance (IRRRL)
  • No appraisal required
  • No income verification
  • Reduced documentation
  • Competitive interest rates
VA Loan Cash Out Refinance
  • Cash Out up to 90% LTV
  • Pay off high interest debt
  • Can roll in all closing costs
  • Debt to income ratio up to 50%
  • No monthly mortgage insurance
FHA Streamline Refinance
  • Most popular FHA refinance program
  • No appraisal required
  • No income verification
  • Reduced documentation
FHA Cash Out Refinance
  • Debt consolidation OK
  • Cash out up to 85% LTV
  • Debt to income ratio to 50%
  • Fixed and ARM rates available