What Is Refinancing?
Refinancing is the process of replacing your existing mortgage with a new one—typically to improve your loan terms, lower your monthly payment, reduce your interest rate, or tap into your home equity through a cash-out refinance. It’s a powerful financial tool that allows homeowners to restructure their mortgage in ways that better align with their current goals or financial situation.
Why It’s Beneficial
There are several strategic reasons to refinance. A lower interest rate can save you thousands over the life of your loan. Switching from an adjustable-rate to a fixed-rate mortgage can provide greater payment stability. Refinancing can also help eliminate private mortgage insurance (PMI) if your home has increased in value. Cash-out refinancing gives you access to your home’s equity—ideal for funding home renovations, consolidating debt, or covering major expenses like college tuition.
Special refinance programs like RefiNow™ and Refi Possible℠ are available for lower-income borrowers with credit scores as low as 620. These programs are designed to make refinancing more accessible to homeowners who may not qualify through traditional means.
Who It’s For
Refinancing is ideal for:
Ray Campbell helps clients evaluate whether refinancing is a smart financial move and walks them through every step—from application to closing—with transparency and speed.
