Obtaining a new mortgage to replace a current mortgage is called a refinance. Refinancing is done to allow a home owner to obtain a better interest term, reduce the interest rate, reduce monthly payments, take cash out of the home or consolidate debt. At A Mortgage Nation, we want to help you reach your goal by giving you the knowledge of refinancing.


One of the main advantages of refinancing is to reduce your mortgage payment. Often a homeowner’s circumstances change. They are able to pay all of their bills on time and this results in an increase in their credit score. With an increase in a credit score or maintaining a high credit score, it allows you the ability to obtain and qualify for lower rates. A lower interest rate can have a significant effect on monthly payments, potentially saving you hundreds of dollars monthly. You also have the option of extending your loan term to reduce your monthly payment making it easier to pay.



A cash-out refinance replaces your existing mortgage with a new home loan for more than you currently owe on your house. The difference minus any applicable closing fees go to you in cash which you can spend on home improvements, debt consolation or other financial needs. This option is available to homeowners who have equity in their homes and is available to cash out.



Debt consolidation through a cash-out refinance mortgage involves taking out a new loan to pay off other loans, such as student loans, auto loans, personal loans, medical bills, credit card balances and reduce overall monthly payments.