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Mortgage Refinance
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Mortgage Refinancing Basics
Refinancing is a financial strategy that can enable you to meet a variety of needs. Selecting the right mortgage is the key to the refinancing process, so it's critical that you understand your options
Fixed rate loans are popular when interest rates are low as homeowners look to lock in low fixed terms. When rates increase adjustable loans are in demand as homeowners seek to minimize their payments.
If you decide to refinance your current mortgage, you're actually replacing it with a brand new loan. If you choose a cash-out refinance your new loan will be larger than the one you are paying off. The higher loan amount enables you to convert your home equity into cash, which you receive at loan closing.
A rate-term refinance involves replacing your current loan with one of the same size. The purpose of a rate and term refinance is either to reduce your interest rate, adjust your loan term or possibly both.
We will help you select the loan type which best meets your refinancing needs, and offers the repayment schedule that is the best fit for you.
Learn More
– What would my payments be with an 80/20 or 1st and 2nd combination loan?
– What are the benefits of refinancing?
– What is the maximum loan I can afford?
– What are the payments on a fixed vs. adjustable rate mortgage?
– Does it benefit me to consolidate my debt?
– What will my monthly payment be?
Loan Choices
Cash Out Refinance
With home values at an all time high, a cash out refinance allows you to use your hard earned equity to improve your financial position. Call today to learn more about our cash-out options. More »
Fixed Rate Mortgage
In uncertain times, many people appreciate the certainty of a fixed rate mortgage. Click here to see how you can benefit from the peace of mind a fixed rate offers. More »
Adjustable Rate Mortgage (ARM)
If you are looking to for a lower rate and payment, an adjustable rate loan could be just the answer you need. A Stearns Loan Specialist can help you determine if an ARM meets your needs. More »
Pay Option Adjustable Rate Mortgage (ARM)
The ultimate in financial flexibility, Stearns Option ARM’s offer payment rates as low as 1% and give you the power to determine the right payment for you. Find out how you can take control of your financial future. More »
Interest-Only Mortgage
An interest-only payment can make it possible to get cash and lower your payment at the same time. Most Stearns loans offer an interest-only option. Call today and see how you can reach your goals. More »
