Refinancing with USDA Loan
Not only does USDA offer purchase loans they also offer refinance programs as well. Refinancing with USDA Loan is quick. Here we will look at refinance programs that you can do.
Streamline USDA Refinance
- If you currently have a USDA loan you are eligible for a refinance. Regardless if the type of USDA loan you have, it can be a USDA Direct or USDA Guaranteed you can refinance. The reason to consider a refinance now is because chances are the interest rates are lower today then when you bought your home. A lot of people who refinance lower their interest rate by at least two percent and as a result lower their payment by at least 30%. The process is very simple. There are no down payments or money needed for closing. The closing costs are rolled into the loan. A new appraisal will need to be ordered. The expense for this is usually about $450. You will also be able to skip one month of making payments and you might get some cash back from an escrow refund. Also, with your refinance if you wanted to get cash back for upgrades to your home now would be the time to do it.
Cash Out Refinance
- If you have equity in your home you may want to consider utilizing this equity to work for you. There are several things you can do with the equity in your home:
- Debt consolidation. Get cash to pay off all your bills. You van use the equity in your home to access cash to payoff your bills. Why would you do this? Well here is why. Lets say you have a mortgage payment of $900 per month, $15k in credit cards with payment if $450 per month, a car loan for $19k with a $500 payment, this means your total monthly payments are $1850. If you refinance and payoff everything you can get one payment for $800 per month and cut your bills in half! With the extra savings you can apply this to the mortgage and have it paid off in less than 5 years!
- Home Improvement or Remodeling. You can get money back for adding a pool, outdoor kitchen, remodel your home if you want to add new flooring, cabinets, redo your kitchen and bathroom and get new appliances.
- Payoff a third party, such as tax liens, IRS, settlements, divorce
- Consolidate mortgages If you have more than one mortgage on your property you may want to refinance to consolidate the mortgage to get a lower payment and interest rate.
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