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Pay Off Debt
If you are a current homeowner, there is a strong possibility that you could save with a refinance. Review this guide to learn more about the ways a refinance mortgage loan can help you consolidate debt.
Although the 30-year-fixed mortgage is one of the most widely recognized mortgage loans in the U.S., many homebuyers could benefit from an adjustable rate mortgage (ARM).
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Debt Consolidation FAQs
For homeowners trying to eliminate as much non-mortgage debt as possible, debt consolidation is possible via a cash-out refinance loan or a home equity loan.
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FHA Refinance FAQs
Many home owners who currently have an FHA loan pay private mortgage insurance. This additional payment can also prompt homeowners to seek a rate and term refinance which may eliminate PMI.
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Streamline Refinance FAQs
A streamline refinance can be an opportunity for a qualified homeowner to alter their rate and term to be more favorable for their financial needs and goals with more efficiency than the process of a general refinance mortgage loan.
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Cash Out Refinancing FAQs
A cash-out refinance, in which you will refinance your mortgage for a larger amount than the existing mortgage loan, frees up a portion of your existing home equity in cash. It could be for a home renovation, college tuition or to pay off high-interest credit card debts.
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Refinancing FAQs
Refinancing a mortgage means that you are applying for a new loan to replace your existing mortgage loan. The choice to refinance a mortgage will likely be motivated by lowered mortgage rates, meaning the new loan will be more favorable and align with your personal and financial goals.
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Lower Debt
By consolidating high-interest unsecured debt into one low interest mortgage, it can make your ability to repay your debt more manageable. Mutual of Omaha Mortgage offers two financing options on your mortgage to be able to help pay off debt: a cash-out refinance and home equity loan.
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Lower Monthly Payments
For many homeowners, your mortgage payment is often the most expensive item in your monthly budget. Thanks to favorable market conditions that have kept interest rates at or near historic lows, you may have an opportunity to lower your monthly mortgage payments by refinancing.
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FHA Loans
Sponsored by the U.S. Department of Housing and Urban Development (HUD), FHA loans are government-backed home loans distributed by private lenders like Mutual of Omaha Mortgage. FHA loans are federally insured, meaning that buyers do not face a steep down payment or credit requirements compared to conventional loans.
