1-800-793-9633 contactus@emmloans.com Login About Us Resources Loan Options Locations Loan Servicing Careers Contact Us Knowledge Hub 5 Different Ways to Save by Refinancing Reduce your monthly payments Get money to fix your home Access lower cost ways to pay for education Pay off your mortgage faster Consolidate other higher-cost debt Contact Us A quick call could save you time and money! Get Started Now Our Latest Refinancing Program What a Refinance Loan Is: A refinance loan occurs when a homeowners gets a new mortgage to replace the existing one on a property. Why Our Customers Refinance: To Reduce Their Monthly Payments – This is the biggest reason people refinance. When rates decline borrowers can save significant money over the life of their loan by trading in their existing mortgage for one with a lower interest rate. For example, if you can save 1% on a 300,000 mortgage that’s $250 less per month you have to pay. Over the life of 30 year mortgage that’s $90,000 in potential savings. Total finance charges may be higher over the life of the loan. Get Money To Fix Up Your Home – When you refinance you might be able to borrow more than the amount you currently owe on your mortgage. You can take the difference in cash. This is called a cash-out refinance ( link to term on site). This money can be used for any purpose, but many use it to fix up their house. Using a refinance to get the money offers tax advantages and is usually cheaper than a consumer loan. Other types of funding, like home equity lines of credit and second mortgages, would require separate payments and might end up being more expensive. Access Lower Cost Ways To Pay For Education – Because they aren’t secured loans, that is to say they don’t have an asset as collateral like your house, student loans are considerably more expensive than mortgage loans. Many people will leverage the fact that they have an asset to borrow against to secure better terms. They will utilize a cash out refinancing to borrow against the equity built up in the house and use that money to pay for education. Pay Off Your Mortgage Faster – Borrowers can sometimes shift from a 30-year mortgage to a 15-year mortgage without having a big increase in payments. If interest rates have declined the money saved by refinancing to a lower rate can offset the increased payment level that comes with making half as many payments. Consolidate Other Higher Cost Debt – This might be car loans, personal loans, credit cards, student loans or any other kind of debt. Most often these forms of loans have considerably higher interest rates than your mortgage might have. By using a cash out refinance you can pay off these other loans and have just one, lower interest payment to make. Learn more in our article on Consolidating Your Debt With Cash Out Refinancing. Personalized Help The Loan Officer will also explain all the steps–from getting started, to locking in your low rate, to closing your loan. Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source. Get Started Now BBB Rating: A+ As of 2021 Click for Profile Proud member of Apply Now Home Calculate Your Mortgage Loan Options Contact Us To view legal disclosures and important notices, please click the following: NMLS Consumer Access | Privacy Policy | Privacy Notice (CA Residents) | State Licensing © 2021 EMM Loans LLC. All Rights Reserved. | NMLS# 2926 This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.