Are you looking to reduce your interest rate and monthly payment? Perhaps you’d like to reduce your loan term, replace an adjustable rate loan with a fixed rate loan (or vice versa), or get cash out of your home equity to consolidate debts. Whatever your reason for wanting to refinance, Mortgage, LLC gives you a wide range of refinance loan options. Call one of our home loan experts at (570) 402-1086 and schedule an appointment to learn about which refinance loan option might be right for you.

A refinance mortgage is a mortgage whose proceeds are used to pay off an existing mortgage(s) secured by the home with the cancellation of the existing promissory note(s) and the execution of a new promissory note by the current borrower. The loan to value is based on the appraised value of the subject property regardless of the date the property was purchased and initially financed.

There are typically two types of refinance, rate/term refinance and cash-out refinance, and each accomplishes a different result.

The purpose of a rate/term refinance is to change to a lower interest rate or change the term of a loan without advancing new money on the loan. Closing costs can be rolled in. The borrower may receive a maximum 1% of the loan amount in cash at closing.