Contingent vs Pending Property Listings
Throughout your house hunting journey, you’re likely to come across the terms “pending” and “contingent”. While they may seem interchangeable, these terms describe two different stages of the real ...
We’ve made refinancing simple for all types of homeowners
If refinancing is something you are considering you can start the refinancing process by finding a loan officer or by using our Quick Start Form. Once you’re connected with one of our loan professionals, they’ll be happy to offer you a free, no-obligation consultation to help you find the best refinancing option to meet your financial goals.
The main reason most people refinance their mortgage is to save money.
Consider refinancing your mortgage to:
- Lower your interest rate
- Remove PMI from your FHA loan
- Lower your monthly payment*
- Pay off your mortgage faster
- Pay off higher-interest debt by using your equity to get cash
- Convert your adjustable-rate mortgage to a fixed-rate mortgage
*Refinancing may increase your total financing charges over the life of the loan.
Summit Mortgage offers two types of refinancing options:
1. Rate and term refinance (no cash out is allowed)
This type of refinance changes the rate or term of your mortgage.
You can use this option to move to a shorter-term loan, lower your interest rate, or both in some cases.
For example, if you purchased our loan 4 years ago, with a 30-year mortgage, under standard repayment you will have 26 years remaining before your mortgage is paid off. With our rate and term refinance, you can switch to a 20-year or 15-year term and pay off your mortgage much faster. This decision will save you thousands of dollars in interest payments.
2. Cash-out refinance (cash out is allowed)
A cash-out refinance taps into your equity so that you can take money out to:
- Pay off tax liens
- Consolidate debt
- Pay tuition
- Combine a first and second mortgage
- Finance a large purchase
- Make home improvements
Have additional questions?
Connect with a Summit Mortgage loan officer in your area by selecting your state name in our find a loan officer search tool. Any of our loan professionals will be happy to answer your refinancing questions. You can also complete our Quick Start Form and we’ll connect you with a loan officer that will guide you through every step of your refinance options and the entire refinancing process.
