What is a Refinance?

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Save Money with a Refinance

With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and improve your overall financial outlook.

Refinance Highlights

Refinancing may be the right decision if your home value has significantly increased or the current interest rates are low. You may even be able to:

 

  • Shorten your loan’s term to save even more money
  • Refinance to a lower interest rate which might also lower your monthly payments
  • Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases
  • Combine a first and second lien to a single loan for simplicity and savings
  • Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments
  • Turn your home equity into cash

Refinance Programs

Cash-Out Refinance*

A cash-out refinance will allow you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt or home improvements.

*Appraised property value may affect loan amount.

Adjustable-Rate Mortgage (ARM)

Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments, which means you are building home equity faster. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

If you are interested in a refinance, please contact an Elite Group Mortgage Professional.

Other Loan Options

VA LOAN

Best if you are active-duty military, a veteran or military spouse.

VA
Conventional

Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.

Jumbo

Best if you are wanting to purchase a property above the conforming loan limits ($453,100 in most areas).

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Carson Paiz

Elite Group Mortgage Expert

Kim Deaner
Kim Deaner
2022-07-18
Ashley and Heston were so helpful! And got me into my own home fast!
Russell Waganer
Russell Waganer
2022-06-16
Jennie answer all my questions. There was a lot I didn't know but jennie helped out 100% I was very lucky to have her as my loan officer. I an very satisfied and would recommend her to everyone that needs a home loan.
Teri Heffner
Teri Heffner
2021-12-02
Ashley is amazing and will go above and beyond to help people out. She is always willing to work with you, stays flexible, and is kind and respectful to any situation. I will keep going back to her over and over.
Sharla Carpenter
Sharla Carpenter
2021-11-30
The process for refinance was very efficient and did not take long to complete. Loved working with Jennie through this process. She was very professional, informative, kind and caring.
Rommel McClaney
Rommel McClaney
2021-11-24
Very knowledgeable and very responsive! 6 months later and I'm still pleased with how Fairway worked with me!
Ashley Moon
Ashley Moon
2021-11-22
Working with Alfredo at Fairway was very smooth from start to finish. He was always available to answer questions and keeps you informed during the entire mortgage process. Extremely casual and not intimidating. Very pleased!
Nick Swofford
Nick Swofford
2021-11-22
I worked with rylie and he exceeded my expectations! Always there when I had a question! Reliable, honest and trustworthy! You won't be disappointed.

Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.

Phone

(970) 818-2432

Fax

(970) 549-2597