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Whether you’re shopping for a mortgage for a new home or looking to refinance, you’d hope that a mortgage broker would be available to do it all, and so we are. At Castle Rock Mortgage, we act as the liaison between borrowers and lenders for home-purchase mortgages and refinancing loans.
When you refinance, you replace one loan with another, ideally one with a lower interest rate or some other benefit to you. Refinancing has helped many homeowners to save money on their mortgages and make things a little easier on their finances.
Securing a refinancing loan works almost exactly like getting a new mortgage. With Castle Rock Mortgage, however, we do the hard work for you by acting as the intermediary between you and the lenders. We’re also proud of our cash-out refinance program, which you can learn more about below.
When you’re ready to secure your mortgage refinancing in Arizona, call us or click through the buttons above, and we’ll be in touch to help you.
If you aren’t so knowledgeable in mortgages, the idea of refinancing might seem intimidating and confusing. But we can assure you there is nothing scary about refinancing your home. In fact, it could be just the thing you need to start saving some money in your monthly finances!
Described simply, refinancing a home means to replace your existing mortgage loan with a new one. You might ask yourself why anyone would want to do that. The answer, as we have indicated, is that refinancing can save you money.
Homeowners typically refinance because they got their mortgages when interest rates were higher. Now that rates have fallen, these homeowners want to take advantage of the savings and pay those lower rates themselves. So they refinance their homes.
When you work with a mortgage broker such as Castle Rock Mortgage, refinancing works like this: you’ll first apply for a new home loan, virtually the same as if you were buying a new home. We receive your application, talk with you about your goals, and then find the best mortgage offer for you from our network of lenders.
Once you agree to the mortgage loan you like, the new lender will pay off your existing mortgage; it will be done and over with permanently. In its place, you’ll have the refinanced mortgage that you likely secured at a lower interest rate. You will then pay off that mortgage monthly over the agreed-upon loan term, or length of the loan.
Keep in mind that lower interest rates are only one way that refinancing can benefit homeowners. Some people also refinance to change the term of their loan.
A 30-year fixed-rate mortgage will have a set monthly payment that is probably affordable to a homeowner. If the owner refinances for a shorter term, say 10 years, the monthly payment will be higher, but the loan will be paid off faster.
Another borrower might refinance to secure an adjustable-rate mortgage over a fixed-rate mortgage or to determine what the closing costs will be. You must look at the pros and cons of all mortgage features to find the right ones for you.
One refinance product we are especially proud of is the cash-out refinance option. Let’s explain what this means. You gain equity in your home the more you pay off your mortgage. With a cash-out refinance, you make good use of that equity by becoming able to borrow it in cash and tack it onto your current mortgage. Here’s an example: if your mortgage was for $100,000 and you’ve paid off $10,000 so far, then you owe $90,000. But let’s say you need $15,000 to update the house. A cash-out refinance can give you that $15,000 in cash once you pay off another $5,000 of your mortgage. The $15,000 will be added to the $90,000 balance, and your mortgage will become $105,000.
The benefits of a cash-out refinance in Arizona include: the ability to pay off debt to reduce monthly outgoing obligations, making home improvements, funding college, putting a down payment toward the purchase of a new home, and paying off a car loan.
The best type of refinanced mortgage is the one that works for you and your specific situation. Castle Rock Mortgage can help you get there. We are mortgage brokers who work every day to secure mortgage refinancing in Arizona for homeowners just like you. We would love the opportunity to help you achieve your financial goals.
Go through the buttons above to get started on the path to saving money on your mortgage loan!
Helping customers afford the home of their dreams and loving what we do!
Castle Rock Mortgage LLC
Company License: Arizona MB-1005593
Company NMLS: 1935205
Phone: (480) 687-3271
Fax: (480) 646-9436
Castle Rock Mortgage LLC
468 W Pinnacle Ridge Dr
San Tan Valley, AZ 85140-7049