Gs4 Security: Refinance

Tuesday, 18 December 2012

Refinance

If you currently have a USDA loan you are eligible for a refinance. Regardless if the type of USDA loan you have, it can be a USDA Direct or USDA Guaranteed you can refinance. The reason to consider a refinance now is because chances are the interest rates are lower today then when you bought your home. A lot of people who refinance lower their interest rate by at least two percent and as a result lower their payment by at least 30%. The process is very simple. There are no down payments or money needed for closing. The closing costs are rolled into the loan. A new appraisal will need to be ordered. The expense for this is usually about $450. You will also be able to skip one month of making payments and you might get some cash back from an escrow refund. Also, with your refinance if you wanted to get cash back for upgrades to your home now would be the time to do it.