Refinance the Loan On Your Kentucky Home
Save yourself some money, get extra cash, pay off your debt—these are just a few of the benefits of refinancing your mortgage. You can also change your terms to pay off your loan faster and build equity quicker.
Is Refinancing Right For You?
Who It’s For
When you refinance, you’re essentially getting a new loan that pays off your current loan. There are various reasons to do this, including:
- Moving from a fixed-rate mortgage with a high interest rate to a loan with a lower interest rate
- Moving from an adjustable rate mortgage (ARM) to a fixed rate
- Consolidating two mortgages into one
- Moving from a long-term loan to a shorter-term loan to pay it off and build equity more quickly
- Moving from a shorter-term loan to a longer-term loan that pays down the principal
- To have extra cash to make a purchase or pay off other debt
- Trying to get a better rate because your credit has improved
Your Refi Options
Cash-Out or Cash Back Refinancing
Refinance your mortgage for more than you currently owe and get the difference (the equity) in cash.
Low Fixed-Rate Loan
Take advantage of lower interest rates by refinancing your high fixed-rate mortgage to one with a low fixed rate.
Build equity quickly and pay off your mortgage sooner by refinancing your mortgage to a shorter term.
Reduce your monthly mortgage payments and make room in your budget by refinancing to a longer-term loan.
Eligibility at a Glance
- Have a credit score of at least 620?*
- Have a down payment of at least 3.5%?
- Have a low debt-to-income ratio?
- Have consistent, documented income?
Then you may qualify for refinancing your mortgage!
*Minimum credit score requirement may vary by investor.
Take Your First Step
Does refinancing sound like a great idea to help you meet your goals? Start your application today!
REFINANCE - FAQs
To answer this question, think about your goals. What are you trying to achieve?
- Do you want to take advantage of falling interest rates?
- Is your monthly mortgage payment putting a serious strain on your budget and you’d like it lowered?
- Do you want to build equity?
There are many reasons to refinance loans and if you have a specific goal in mind, it’s wise to consider it.
The fees will vary among lenders but there are some standard ones that you can expect, including:
- 3rd party fees (credit report, title, escrow, etc.)
- Appraisal fee
- Lender fees for processing and underwriting
You should also be prepared to pay prorated costs associated with property taxes, interest, and homeowners insurance.
If you have enough equity in your home, the fees and costs can be wrapped into your new loan.
Because you’re essentially applying for a new loan, you’ll need to provide many of the same documents you provided for your initial loan, such as pay stubs, bank account statements, and tax returns.
There’s no limit on how many times you can refinance your home.
First-Time Home Buyers
Not sure where to begin? Follow our step-by-step guide and you’ll be in your new home in no time.
How much home can you afford? Run the numbers with our handy loan calculators.
Have questions about getting a loan? We’re happy to help! Get answers to the most common questions.
Words From Our Happy Homeowners
“The entire process was wonderful. Great staff, always helpful. Simply a great experience.”
First Time Home Buyer
What We’re About
We’re a Kentucky mortgage lender that believes everyone deserves safe and affordable housing. Our overarching mission is to uplift communities throughout Central Appalachia and beyond, and we know that begins with ensuring everyone has a place to call home.
There’s a Loan for Everyone
USDA 502 Direct Loans
Do you have good credit but a limited income and want to live outside the city? Check out the USDA 502 Direct Loan.
USDA Guaranteed Loans
Are you interested in living in a rural area, and your income is moderate? Ask us about USDA-guaranteed loans.
Need flexibility for your credit score and a lower down payment? Take a look at the popular FHA loan.
Do you have a solid credit score and are looking for great rates and options? Consider a conventional loan.
- Are you a U.S. military member or veteran? Find out how you can buy a home with no money down.
Do you have a unique situation? We offer a range of flexible loan programs to fit your needs.