What’s the same about refinancing vs. getting a mortgage when buying a home?
The process for getting a mortgage is the same – contact loan officers, give them your details, get qualified and receive offers.
What’s different about refinancing vs. getting a mortgage when buying a home?
Instead of a down payment, you use the equity in your home in order to qualify.
There are three main reasons to refinance
The first reason people refinance is in order to save money, either through reduced monthly payments from lower interest rates or costs over time.
The second reason is for a shorter term. If you want to pay off your mortgage faster, you can refinance into a shorter term.
The third reason is if you want to take cash out of your home, which is called a cash out refinance. In this case, you are borrowing against the equity in your home and your loan amount will increase by the amount that you take out as cash.
What’s different about using Instant Mortgage Genius when refinancing vs. getting a mortgage when buying a home?
As the process is the same, you can use Instant Mortgage Genius in the same way. However, your questions will differ from those people buying a home, as there are different issues that crop up. So, if you have questions that are specific to refinancing, it’s best to ask them in the refinancing section of the forum.