Health & Heels - Winter 2021-2022

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healthy finances Refinancing Your Mortgage? KNOW THESE KEY TERMS BEFORE YOU SIGN YOUR PAPERWORK By Yael Ishakis <strong>Winter</strong> Issue When it comes to your mortgage, there are a lot of key terms that are important for every homebuyer to know, and this is no less true than when it comes to refinancing your most important investment. Instead of leaving what’s unknown up to chance, it’s important to be aware of exactly what you’re looking at so you can get the best mortgage product available. If you’re currently considering refinancing and don’t want to get snared by unknown terminology, here are some terms you’ll need to watch out for. CASH-OUT REFINANCE This type of refinance is a transaction where the home’s mortgage amount is higher than the existing mortgage amount, and cash-out refers to the extraction of equity from the homeowner’s home. While this type of refinancing can be a means of tapping into extra cash to help you with monthly expenses, it also means that the cash you take out of your equity will be added to the balance you already owe on your home. One of the top reasons a client would be looking to cashout would be to pay off high interest credit card debt, as it makes sense to lock into a lower rate and get a tax deduction while doing so. A terrible reason would be to cashout to hit the casinos. (I kid you not, I got that request once.) RATE-AND-TERM REFINANCE This type of mortgage transaction involves the refinancing of an existing mortgage so that you can take advantage of a different interest rate. While this type of change will not alter the amount of your home loan, it will adjust the interest, which means that your monthly payments may be lowered and you may have a shorter amortization period due to overall reduced costs. These types of loans can often come with lower interest rates than cash-out refinances. STREAMLINE REFINANCING This type of refinancing is offered by the Federal Housing Administration (FHA) and the Department of Veterans Affairs, and it is also offered by certain financial institutions. While this type of refinancing has its own set of stipulations, it is directed at those who want to take advantage of low interest rates or get out of an adjustable rate mortgage (ARM). While you may need to have a financial appraisal done in order to qualify for this option, it’s also possible that this will not be required to qualify. There are a lot of key terms that go along with having a mortgage and refinancing it, but if you’re considering your options it’s very important to know what all of them mean so you can be sure you’re making the best decision. If you’re currently considering refinancing your home and need helpful advice, contact your trusted mortgage professional for more information. Yael Ishakis is the vice president and branch manager of FM Home Loans. Yael has made it her mission to provide mortgage financing to all her clients from their first home to their investment building and entire portfolio. Yael is a frequent speaker on mortgage-related issues, and her book “The Complete Guide to Purchasing a Home” is already on its third printing cycle. When not in the office, Yael enjoys tennis and is a voracious reader. To reach Yael, email yishakis@fmm.com or call her cell phone at 845-548-9075. 56
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