When the new mortgage is approved, those funds are used to pay off the old loan and you go simply go forward with the new loan instead. You go through the same steps and provide the same information you did when you got your original mortgage, and go through the same approval process. When you refinance, you’re simply replacing your old mortgage with a new one. It will calculate your monthly payments and savings from refinancing, and will figure how much more you might end up paying over the long term if you choose the third option, lengthening your loan. This calculator is designed to deal with the first three situations. To remove another person’s name from the loan, such as in the case of a divorce. To borrow against their home equity through a cash-out refinance.To change from an ARM (adjustable-rate mortgage) to a fixed-rate loan.To lower their monthly payments by extending their loan term.To pay off the loan faster by refinancing to a shorter term (usually at a lower rate as well).Here’s a rundown of some of the more common reasons borrowers refinance a mortgage: But that’s not the only reason to refinance. That’s been particularly true in recent years, as falling mortgage rates have given borrowers the opportunity to save a few dollars by refinancing to a lower rate. That is, provided they don’t sell the place and move somewhere else first. Most homebuyers who take out a 30-year mortgage eventually end up refinancing the loan at some point along the line. Rate discount bonuses will be reflected in the interest rate disclosed in your Final Truth In Lending Act Disclosure and promissory note for your loan.» MORE: Compare top mortgage refinancing lenders About Mortgage Refinancing Cash bonuses will be credited to your PayPal account or a check will be mailed to the address in your loan application within six (6) weeks of origination of the refinance. If a bonus is offered for student loan refinancing, bonuses are limited to one bonus per borrower, the associated loan must book, and the loan cannot be a refinance of an existing CommonBond loan. None of the information contained in CommonBond's website constitutes a recommendation, solicitation or offer by CommonBond or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. CommonBond does not offer tax advice speak with your tax advisor about any tax benefits or information associated with your loans. For solar loans, CommonBond is not an affiliate of the solar installation company through which you purchase or have your solar equipment installed. For student loans, CommonBond is not affiliated with the school you attended or are attending. Loans are made by CommonBond Lending, LLC (NMLS # 1175900). DISCLAIMER: Offered terms and rates are subject to change and state law restrictions. CommonBond does not discriminate on the basis of an applicant's race, marital status, nationality, gender, age, or religion an applicant whose income is derived from a public assistance program or an applicant who, in good faith, exercised rights under the Consumer Credit Protection Act. Intends to conduct its daily operations in an equal and fair manner with customers and Third Parties alike.
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