Benefits of Mortgage Refinancing
Refinancing a mortgage means paying off your existing home loan and replacing it with a new one. Typical benefits of a refi include:
- Lower interest rate and lower monthly payment
- Consolidate debt
- Use your home’s equity to generate additional cash
- Changing the loan terms for savings or to build equity faster
- Improve your credit and your monthly cash flow
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Popular Mortgage Refinance Options
Cash-Out Refinance is when you use your home’s equity to refinance for more than the outstanding balance owed on your current mortgage. Then, after paying off your original mortgage, the amount left over is used to payoff your other debt or for other needs (e.g. remodel, tuition, your business, etc.)
FHA Streamline Refinance: Homeowners with a current FHA loan can save money by refinancing to a new lower rate and payment.
Ready to get Pre-Qualified OR learn how to become eligible for a home loan?
GMFS MORTGAGE CUSTOMER REVIEWS
Stephen Foreman was great to work with. He did everything, remained upbeat and positive and helped me refinance my home the best way possible.
Natalie L. GMFS Mortgage Customer
I had a wonderful experience with the refinance of my home. It is a pleasure to make business with Mrs. Belinda Reine and the GMFS staff.
Mayra C. GMFS Mortgage Customer
She was absolutely amazing! Answering my phone calls whenever I called. Answered any questions that I had. Lovely, sweet, and compassionate person who loves their job and loves helping people. She definitely made the refinance process very easy.
Jade V. GMFS Mortgage Customer
Made refinancing easy. Excellent experience. Thanks.