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Low-Interest Home Loans

When you buy a home, you agree to a set of loan terms that extends over a period of years. However, think about how much can change in those years. Having children, changing jobs, illnesses; your mortgage terms might not always work for you and your family’s needs.

The real estate world anticipates these changes. That’s why you can refinance your home loan. Refinancing means that you can get a shorter loan term and lower interest and mortgage rates. There is no official limit to how many times or how often you can refinance. The process usually takes less time than obtaining your original mortgage loan, and there is no obligation to refinance through your current lender.

Twin City Lending is Minnesota’s premier mortgage company. We specialize in low-interest home loans and refinance loans to individuals with good to excellent credit. If you’re considering refinancing your mortgage, don’t hesitate to contact Twin City Lending to see what low-interest refinance loans are available to you.

Who Should Refinance?

Refinancing your home can be beneficial, but it’s not for everyone. If you have good credit, refinancing can help you obtain better loan terms such as a lower monthly mortgage payment or interest rates. However, if your credit scores are a little on the lower side, it could wind up costing you more.

Reasons to Refinance

There are numerous advantages and reasons to refinance your home. For most people, as time advances they can make more money in their careers and therefore pay their bills on time and increase their credit score. With good credit comes the reward of procuring loans at lower rates and better terms. So, many people will refinance their homes to get lower interest and mortgage rates in addition to a shorter loan term.

Another reason people decide to refinance is to pay off debt or obtain money for a large purchase. How is this possible? By taking equity out of the home. Equity is the variance between the amount owed on the current mortgage loan and the worth of the home. When you purchase a house, its value begins to escalate because you are living and caring for it. Your home is an investment. Over time, not only does it increase to let you profit from selling it, but you can also cash in the equity and get funding for your wants and needs.

Eliminating private mortgage insurance is another good reason people decide to refinance their homes. Programs allow buyers to buy a house with low to zero down payment. Unfortunately, when you buy a home with less than 20% down, you are required to maintain private mortgage insurance. PMI exists to protect lenders from buyers who are at risk of loan default. Over time, as the value of the home increases and the balance of the loan decreases homeowners can drop the PMI by refinancing. However, the lender makes the final decision.

Refinance Process

The process of refinancing your home is usually much shorter than obtaining the original mortgage loan. There is no obligation to refinance through the same lender. So, shop around to see what options are available to you. You will need to make sure all your finances are in order before searching for a refinance loan. Be aware that your credit score may drop a few points due to hard inquiries from the lenders.

There is no set limit on how soon or how often you can refinance. However, lenders have different requirements that must be satisfied. Check your original mortgage agreement to ensure that there is not a prepayment penalty. Although not typical, it is still possible that it includes one.

How Twin City Lending Can Help

As Minnesota’s premier mortgage company, Twin City Lending offers low-interest loans for refinancing your home. If you’re contemplating making a change to your existing mortgage loan, contact us to discuss your options. It’s our mission to save our clients money on real estate loans. You’ll never be tossed around from one person to the next. We aspire to get to know you and your wants and needs so that we can match you with a home loan that’s right for you.

Refinancing your home brings an abundance of benefits and advantages to the right person. Whatever your needs are for seeking a refinance loan, Twin City Lending is here to discuss your options with you. Contact us today to find a Low-Interest Home Loans or Refinance Home Loan.