Refinancing Overview

Whether you purchased your home in the last few years or many years ago, refinancing your mortgage may be a smart move. Refinancing is just what it sounds like – exchanging your present mortgage for one with (hopefully) more favorable terms. Refinancing done right allows homeowners to save money while keeping on top of their investment in the American dream.
A small lender like Santa Fe Mortgage provides all the advantages of a big bank’s lending rates and level of detail. However, we also provide personalized attention to each borrower’s needs. We collaborate with each customer to determine if refinancing is the right move, and if so, to obtain the most favorable refinancing terms possible.

Refinancing Redefined

There are two basic types of refinancing: refinancing at a lower interest rate that does not increase the outstanding debt of the loan, and refinancing that allows homeowners to cash out some or all of the equity built into their homes. Refinancing at a lower rate allows homeowners to reduce their monthly payments, while cash-out mortgages provide liquidity to pay off high-interest credit card debt, finance home improvements, and other worthwhile purposes. Other common reasons for mortgage refinancing are listed below:

  • Moving from an adjustable rate mortgage (ARM) to a fixed-rate mortgage
  • Consolidating two mortgages or a mortgage and a home equity line of credit (HELOC)
  • Eliminating private mortgage insurance (MI)
  • Switching from a 30-year mortgage to a shorter term mortgage

Refinancing with Santa Fe Mortgage

Most people come to Santa Fe Mortgage after reading a report or seeing a news item on TV suggesting that now is the time to refinance. At Santa Fe Mortgage, we’ve been doing mortgages here in New Mexico since the 1990s. We have the experience and expertise to gauge the direction of the market and help clients make the right mortgage decisions, and ensure that the process is as seamless as possible. We focus on helping clients make smart decisions for their financial circumstances, not just beefing up our bottom line.

We walk each client through the entire refinancing process. We explain the reasons behind each step, and ask for only the information we need to make a decision. Clients who obtained their original mortgage with Santa Fe Mortgage enjoy a loan application process that is even more streamlined.

If you’re thinking of refinancing your mortgage, give us a call at Santa Fe Mortgage today.

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