Some popular products are Home Equity Loans and HELOC's also known as ( Home Equity Line of Credit). These have several differences. A HELOC typically has interest only payments and a revolving credit limit that adjusts as you borrow from and pay back the loan. The interest rate is calculated using the prime rate, similar to a variable rate mortgage. If its a Home Equity Loan, it tends to be a fixed loan amount, interest rate, term and payment.  

Most regular banks and lenders will lend up to 80% of your property value after it is appraised. For example, a $1,000,000 home could get up to $800,000 first mortgage amount. Or another example is that you already have a $700,000 first mortgage amount and you want to add a $100,000 home equity loan, line of credit or second mortgage. Some private and alternative lenders may go up to 85% loan to value for second mortgages and lines of credit. 

Start with sending the refinance quote form so we can review your basic details. Several factors determine mortgage refinance eligibility. The most important are property value and mortgage amount required. Other factors such as your credit score, income and employment history will determine which type of lender will approve your refinance. We have over 50+ banks and lenders including private and alternative lenders, to get you approved quickly with the most options available.

Typical refinancing fees are the appraisal and legal fees. These can combine for around $1500-$2000 for most transactions. But we have lenders with promotions that can cover all or most of these fees. Legal fees can be paid out of the new mortgage refinance funds later on during closing time and are not required up front in full. 

Every mortgage refinance application is different, so we don't show rates online. Please complete the online quote form and we will give you a rate quote once we have some information from you.  We have over 50+ lenders and banks available with a wide selection of competitive rates and products available.