Refinances
When a consumer does a refinance transaction, they are basically replacing the existing mortgage(s) against their home (or another parcel of property) with a new mortgage, often associated with a note with different terms of repayment. A home owner will do this for a variety of reasons, which may include to reduce their monthly payments (by refinancing at a lower rate or repaying the debt over a longer term), to pay off other debts (such as higher interest credit cards or car loans, for example), to reduce or alter risk (such as by refinancing from a variable-rate note to one with a fixed-rate), or to get cash out of their home by using the property's existing equity. So, in other words, refinancing is often used to improve one's overall cash flow. However, there is a major difference between a loan used to purchase your home and refinancing your debt: once you sign the documents for a refinance, you have a three (3) day "right of rescission", during which you can cancel the transaction for any reason whatsoever.
Should you be interested in refinancing your home, feel free to contact us and we can put you in touch with a variety of lenders throughout the area who would be more than happy to discuss this with you. But regardless of which lender you choose, be sure to request that Rounsavall Title Group do the closing!