Refinance your Colorado home
A refinance gets you better terms on your mortgage. The new loan saves you money or solves a problem. Max runs the numbers first and tells you plainly if it is worth it and how much you’ll save.
A short call. No obligation,
no paperwork to start.
Max Henry · Senior Loan Officer · NMLS #2186109
- Reasons
- Lower payment, new term or cash out
- Needs
- Equity in your home
- Costs
- Closing costs apply
- Options
- Conventional, FHA and VA refinances
Reasons to refinance
- Lower your interest rate or monthly payment
- Shorten the term and pay the home off sooner
- Take cash out for improvements, debt or another purchase
- Remove FHA mortgage insurance by moving to a conventional loan
- Take a former spouse off the loan after a divorce
What it takes
- Equity
- The difference between what your home is worth and what you owe. Cash-out refinances need more of it.
- A reason that holds up
- Max compares your current loan with the new one: payment, total interest and how long it takes for the savings to cover the closing costs.
- Income and credit
- A refinance is a new loan, so the lender reviews your income, debts and credit again.
- Streamlined options
- If you already have an FHA or VA loan, each program has a simpler refinance with less paperwork.
General guidelines. Lenders set their own requirements, and Max confirms what applies to you.
When does a refinance pay for itself?
Divide the closing costs by what you save each month. If you plan to keep the home longer than that, the refinance is worth a closer look.
25 monthsAbout 2 years and 1 month to break even.
On the call with Max
Max starts by working out how many months it takes for the savings to pay back the closing costs. If that is longer than you plan to stay, he will tell you.
Tell Max about your current loan and what you want to change. He tells you whether a refinance is likely to help. Offers from different lenders side by side, with the break-even point for each.
Refinance questions
- When does it make sense to refinance?
- When the savings or the benefit outweigh the closing costs within the time you plan to keep the home. Max calculates that break-even point before you commit.
- How much cash can I take out?
- It depends on your home’s value, your current balance and the loan program. Lenders require you to leave some equity in the home.
- Does refinancing cost money?
- Yes. A refinance has closing costs, which can sometimes be included in the new loan. They are part of the comparison Max shows you.
- Can I refinance an FHA or VA loan?
- Yes. Both programs offer streamlined refinances for existing borrowers, and you can also refinance into a conventional loan.
Talk through your loan today
One call tells you which loan fits, what it takes and what comes next.