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01. For homeowners who want to secure a better interest rate, lower their monthly payment, or improve the overall terms of their current mortgage, known as a Rate & Term Refinance.
02. For those who want to tap into their home’s equity to access cash for renovations, debt consolidation, investments, or other financial goals, known as a Cash-out Refinance.
A reduction of at least 0.5% is typically the minimum threshold to make a refinance worthwhile. At Mortgage Station USA, we recommend targeting a 0.5% or greater rate drop to ensure a meaningful decrease in your principal and interest payment.
Refinancing from a 30-year mortgage into a 20- or 15-year term often unlocks even lower interest rates. While your monthly payment may go up slightly, the combination of a shorter term and lower rate can lead to substantial long-term interest savings.
Homeowners with FHA or USDA loans pay monthly mortgage insurance as part of their payment. However, conventional loans with a loan-to-value ratio below 80% do not require mortgage insurance. By refinancing into a conventional loan under 80% LTV—even at the same interest rate—you can significantly reduce your monthly payment by eliminating mortgage insurance altogether.
A reduction of at least 0.5% is typically the minimum threshold to make a refinance worthwhile. At Mortgage Station USA, we recommend targeting a 0.5% or greater rate drop to ensure a meaningful decrease in your principal and interest payment.
Refinancing from a 30-year mortgage into a 20- or 15-year term often unlocks even lower interest rates. While your monthly payment may go up slightly, the combination of a shorter term and lower rate can lead to substantial long-term interest savings.
Homeowners with FHA or USDA loans pay monthly mortgage insurance as part of their payment. However, conventional loans with a loan-to-value ratio below 80% do not require mortgage insurance. By refinancing into a conventional loan under 80% LTV—even at the same interest rate—you can significantly reduce your monthly payment by eliminating mortgage insurance altogether.
Most loan programs allow homeowners to borrow up to 80% of their home’s value—and up to 100% for eligible VA borrowers. Your available cash-out amount is based on your home’s current value compared to your existing mortgage and any other home equity balances.
Convert your home’s equity into usable cash for anything you need—extra funds, emergency savings, major purchases, or personal goals.
Unlock the money needed for renovations, repairs, or upgrades that enhance your home’s comfort, efficiency, and long-term value.
Use your equity to pay off credit cards, personal loans, HELOCs, or other high-interest debts. By consolidating into a single mortgage payment, you can lower your monthly expenses, simplify your finances, and improve cash flow.
With over 25 years in residential lending, Mortgage Station USA has the expertise to guide you through any situation.
Mortgage Station USA proudly serves Ohio, West Virginia, and Kentucky, helping borrowers move in, move up, and plan their next chapter.
Our team is built on honesty, integrity, and a commitment to strong, long-lasting client relationships.
Connect with a Mortgage Station USA refinance professional and take the next step toward improving your mortgage, reducing your payment, or accessing your home’s equity.
