Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.
In essence, refinancing a mortgage or other type of loan can lower the monthly payments owed on the loan either by changing the loan to a lower interest rate, or by extending the period of loan, so as to spread the re-payment out over a long period of time. The money saved can be used to pay down the principal of the loan, thus further reducing payments. Alternately, refinancing can be used to transform available equity in one's house into ready cash, available for other purposes or expenses.
First Omni Mortgage Lending provides consumers nationwide with quality loan products customized to meet the ever-changing needs of today’s borrower. Our customers-first approach to lending, experienced personnel, and innovative technology provide a streamlined loan process from start to finish. Through our established relationships and sound corporate strategy, we remain a committed industry leader providing unparalleled products, pricing, and service to communities across the country. We also guarantee to meet or beat any lender's total loan price or we will pay you $300. How's that for confidence?