handsWhen it comes to refinancing an existing mortgage, Scout Mortgage has options to fulfill all your needs. With expert guidance, hassle-free approvals and lightning fast closings, we know you’ll be glad that Scout Mortgage is on your side.

There are many reasons to refinance, especially with mortgage refinance rates still at historically low levels. Regardless of the reason, one thing you should be asking  before you even start the process is: “How Much Will Refinancing Cost Me?”   Fees and points can quickly add up and cost you thousands. At Scout Mortgage, we will help guide you to a mortgage loan option that makes sense for you.

Here are some of the most common reasons to refinance:

Reduce Your Interest Rate

Now is a great time to take advantage of historically low interest rates.  At Scout Mortgage we shop many of the nations largest and most competitive mortgage lenders.  You’ll be assured the right combination of a low rate and low closing costs.

Reduce The Term Of Your Mortgage

Shorter term mortgages generally have lower rates.  The combination of a shorter loan term and a lower interest rate can save you thousands of dollars over time. Our Loan Originators can help you determine the best loan term for your needs.

Get Cash Out of Your Home

When you refinance your mortgage you can also take out equity.  This is very useful for consolidating debt, whether it’s a second mortgage, student loans or credit cards.  Combining debt into a mortgage loan, often times results in a lower fixed rate and a substantial improvement in your monthly cash flow.  You can also take out equity for home improvement projects and just about any other need you may have.

Eliminate or Reduce Private Mortgage Insurance (“PMI”)

If you originally purchased your house with less than a 20% down payment, you probably are paying PMI.  If your home is appreciated in value since you purchased it, you may be able to eliminate the PMI through a refinance.  To do so, we must establish through an appraisal that you now have 20% or more equity.  Even if you fall short of 20% equity threshold, there is still a chance that we can substantially reduce your monthly obligation.  We also have loan programs that do not require a monthly PMI payment.  Our Loan Originators can help you determine the best course of action for eliminating or reducing your  PMI.