Mortgage Refinancing

Easy, Affordable Home Refinancing

Easy, Affordable Home Refinancing

Refinancing your mortgage can lower your mortgage payments, provide spending money for home improvement projects, and even help you pay off your mortgage sooner.

Here at Bayshore Mortgage Funding, we’re dedicated to getting our clients the best mortgage rates possible. Licensed in over 30 states, we can tell you exactly how much money you could save by refinancing your home!

Contact us today to get started!

Why Should I Refinance My Mortgage?

Wondering if going through the hassle of refinancing is worth it? First, we make refinancing easy. Second, there are so many great benefits to refinancing. Here are a few of our favorites.

  • Lower Monthly Mortgage Payments
    • This is easily the most common reason people decide to refinance their mortgages. When you refinance, you get to take advantage of the current interest rate. If the interest rate you financed your home at is higher than the current going market rate, we recommend seeing how much you could save if you refinanced*.
    • A lower interest rate means you’re paying less for your mortgage each month!
  • Pay Off Your Home Faster 
    • The shorter your mortgage term is, the better your rate will be. When you’re refinancing, it’s always a good idea to see if you can opt for a mortgage with a lower term.
    • That way, you’ll be saving money on your monthly payments and getting the benefit of paying off your home faster!
  • Take Cash Out to Pay Off Debt or Finance Home Improvements
    • Do you have a big project you’ve been wanting to start on your home but haven’t had the funds yet? What about high-interest credit card debt that’s eating into your monthly budget?
    • Home refinancing allows you to leverage equity and take cash out to be used at your own discretion. Most people use this opportunity to consolidate debt, pay off high-interest debt, or finance projects around the house.
    • Refinancing could be your ticket to that gorgeous new kitchen or bathroom remodel you’ve been dreaming of!
  • Turn Your Adjustable Rate into a Fixed Rate
    • Did you finance your home with an adjustable-rate mortgage? While it’s a great option for initial lower payments, rates tend to creep up eventually.
    • If you’ve decided to stay in your home longer than you initially intended, or you’re just looking for the stability of a fixed interest rate, a fixed-rate mortgage can give you peace of mind with an interest rate that won’t fluctuate with the market.
  • Convert an Interest-Only Loan Into a Fully-Amortized Loan
    • Similar to an adjustable-rate mortgage, interest-only loans can be beneficial for lower upfront monthly payments. However, an interest-only loan, of course, means you’re only paying interest rather than paying down the principal of your home.
    • This means that regardless of how long you pay for the interest-only loan, your loan balance remains the same and you aren’t building any equity. Our clients can usually refinance their interest-only mortgages to a 30-year fixed mortgage and keep their payments around the same price. Our experienced team of loan officers will find you the best solution!
  • Get Rid of Private Mortgage Insurance (PMI)
    • Did you purchase your home with less than 20% down? You’re likely paying private mortgage insurance (PMI).
    • Refinancing your home can help you get rid of PMI if you’ve paid down enough of your principal to now own 20% equity, or if your home’s value increased to a point where you own 20% equity.
  • Leverage Equity to Purchase Investment Property
    • In addition to financing home improvements, taking cash out can also be a great way to put a down payment on your next investment property.
    • Depending on the rate you initially financed your mortgage at, and how much equity you’ve built in a home, you could end up getting a decent chunk of cash. Then, it’s up to you to put that money to work!

Ready to Refinance Your Home?

We’re proud to offer a better mortgage experience than other lending companies. We make the process easy, simple, and are here to answer your questions every step of the way.

Discover your refinancing options!

Contact us today!

Home Refinancing FAQs

A: Yes, you can usually still refinance your home if you have a second mortgage on it. The second mortgage is typically paid off during the refinancing in a process called subordination.

We consolidate both loans into one, newly refinanced mortgage so you only have to deal with one payment each month. If for some reason, you prefer to keep your second mortgage as-is, we can ask that lender if their loan can stay in the second position while we refinance the first mortgage.

A: Absolutely! In fact, many of our clients take advantage of mortgage refinancing to get the cash they need to buy an investment property. Leveraging your equity is a great way to make your money work for you.

A: It usually only takes about 30 days to refinance your home. We’ve created a process that helps us quickly and easily close refinancing loans in a much shorter time frame than the industry average.

We will need you to provide the needed documents in a timely manner. So, as long as you get everything back to us quickly, we can close within about 30 days.

A: Yes, there are refinancing options even if you have bad credit. That said, it really depends on the reason why you have a low credit score. There are some government programs available for people looking to refinance with bad credit. We recommend contacting our loan officers – they will help you figure out which programs you qualify for.

A: Similar to when you first got your mortgage, you’ll need to provide a lot of information and documentation for the process to move quickly.

Common documents needed to refinance include:

  • Pay stubs
  • IRS Form 4506-T
  • W-2s for the last two years
  • Federal Tax Returns (1040s) for the last two years
  • Bank statements for at least the last two months for all accounts listed on your refinancing application
  • Source of funds documentation for large cash deposits, such as selling a car, furniture, or gifts
  • Credit explanation letter if you have any negative items impacting your credit history, such as late payments, collections, or judgments

You’ll also need to provide your gross income, the value of each bank account and retirement account, all of your current expenses, the total outstanding balance of all loans on your property, and the reason you’re refinancing or borrowing against your home.

A: When you refinance your home, you will have to pay closing costs and third-party fees such as:

  • Recording fees
  • Escrow
  • Notary
  • Credit report
  • Title
  • Appraisal fees
  • Lender fees for processing and underwriting
  • Pre-paid property taxes, insurance, and homeowner’s insurance

You can add all of these fees into your new loan if you’ve built up enough equity. Your loan officer can give you a better idea of the cost to refinance your home once they have all of the details.

A: How much money you can save by refinancing your home all depends on your current interest rate and what the available market rates are. It probably makes sense to refinance if current market rates are lower than the rates of your mortgage. While we can’t tell you exactly how much you’d save without knowing all the details, you can check out our calculators section to get a general idea of how much refinancing your home could save you every month.

A: Whether or not you should refinance your home depends on what your financial goals are and the terms of your current mortgage.

For example, if you want to save money by refinancing at a lower interest, you’ll first need to make sure that the current market rates are actually lower than what originally you financed your home for.

Most of our clients refinance to reduce their mortgage rates and save money, switch their adjustable-rate mortgage to a fixed-rate one, or leverage equity to finance home improvements or pay off debt.

It’s best to speak with a licensed loan officer who can help you determine exactly how refinancing could benefit your situation!

*By refinancing the existing loan, the total finance charges may be higher over the life of the loan.

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

Content and information provided as a courtesy. We make no representations or warranties as to accuracy or completeness of information and assume no liability for use of this information.