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There are two basic options for refinancing your current mortgage, Rate and Term or Cash Out. Each of these options have various sub-options that you may discuss with an experienced Mortgage Consultant.

Cash out Refinance
Cash out refers to the refinancing of a loan where you will borrow equity from your home. If your home is appraised at $100,000 and your outstanding mortgage loan is $60,000, it is possible borrow up to 80% - $80,000 conforming or 100% - 100,000 non-conforming. The new mortgage of $80,000 will pay off the $60,000 loan and provide you with $20,000 conforming or $40,000 non-conforming.

What are the Benefits?
You can obtain cash to pay off debts, taxes, collections, liens, judgments and unexpected or future expenses. You can use the money for cash reserves, do home improvements, make an investment or use the money for any other worth while purpose.

The refinance transaction can also provide you with a low fixed rate mortgage that will save you money every month for the life of the loan. Another bonus, it's tax-deductible.

How can we help you? Rate One Mortgage can find a loan suited to your financial needs. We offer rate and term or cash-out for Owner-occupied homes, Non- owner occupied homes, and No income verification with low, affordable rates.

Find out more about Rate One Mortgage
at info@rate1mortgage.com or call 901-259-2484.

(Toll Free 866-307-0420)

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