Refinancing Your Home
& Re-Imagining Your Life

How Can I Pay Off My Home Faster?

Refinancing your home with a shorter mortgage term is a great way to pay your home off faster and decrease your interest rate. Did you know that home loans that have shorter terms—10, 15, 20, or 25—have significantly lower interest rates than a traditional 30-year mortgage? These lower rates can save you tens of thousands of dollars in interest over the life of the loan, and in many cases, you’ll find the payments to be very affordable as well. You can even cash out some of your equity to pay off credit cards, save for retirement, or start an emergency cash reserve.

What Can Refinancing Do For Me?

Refinancing can lower your monthly payments and allow you to obtain cash from your equity to do things like pay off credit cards, make home improvements or save for retirement. In addition, refinancing enables you to own your home faster and lower the interest rate you’re paying on your mortgage, among other things. Refinancing your home can permit you to do one or all of these things, making your life a whole lot easier in the process.

What's the Loan Process Like?

Refinancing your home will be similar to the process you went through when you purchased your home. You will have to fill out a loan application, submit required documents, allow time for underwriting, obtain a home appraisal if your loan requires it, and sign closing documents just like you did when you first bought your home. Overall, the process takes anywhere from a month to three months, on average.

What Types of Loans Do You Offer?

We offer a large array of mortgage refinance options, including FHA, VA, Conventional, HARP, Interest-Only, Adjustable Rate Mortgages (ARMs) and Fixed Rate Mortgages. We even offer a special product to those who live in manufactured homes. No matter what your needs, chances are, we’ve got a home refinance product that will work for you and your situation.

Can I Obtain Cash When I Refinance?

Yes. If you have equity in your home, you will have the option to cash out a portion of it if you desire and meet certain criteria. You can use that money to pay off credit cards, save for retirement, make home repairs and more. In many cases, cashing out your equity can save you money in the long run, especially if you are paying off high interest credit cards, because mortgages have much lower interest rates than credit cards do.

Do I Need to Have Perfect Credit When I Refinance?

No. Some of our loan products require a minimum credit score of just 580. There are other requirements that must be met, but having perfect credit is not needed to refinance your home.

As a result of refinancing, your total finance charges may be greater over the life of the loan. Ask your NLC Loans Personal Mortgage Advisor for more details.

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Want to skip two house payments? Let’s talk.