Are you considering refinancing your mortgage and want to explore your options? You’ve come to the right place!
There can be many reasons to refinance, such as taking advantage of a drop in interest rates, a large change in your income/credit, home renovations, investing your money elsewhere, or debt consolidation. Edison has over 50 lending partners to compare and find the best mortgage solutions for you.
Check out our to learn everything you need to know about your options.
How to Refinance
Here are the most popular ways for you to refinance your home:
- You could take out a home equity line of credit (HELOC): This gives you access to up to 80% of the current equity in your home, and you only have to make interest payments on your new loan, rather than interest and principal.
- You could break your mortgage contract: This only makes sense if the savings outweigh the penalty.
- You could get a blended mortgage: Your rate will fall somewhere between your old and new rates, and you won’t have to pay a prepayment penalty.
Why Choose Edison?
We strive to make getting a mortgage as comfortable with a flexible process you can begin from your couch in 10 minutes using our simple form.
Edison works with a diverse group of over 50 lenders to provide multiple options at lower rates than our competitors.
Our unique 4-step process is designed with you in mind. With a quick turn around and seamless application, we believe everyone deserves an effortless process. We leverage technology to make the mortgage process efficient, transparent and comfortable. Visit our Learning Center to learn more about the differences between a broker vs. a bank and which one is right for you.
Refinancing does come with some associated costs. Fixed-rate mortgages typically require a prepayment penalty of 3 months interest or interest for the remainder of the term on the prepaid amount calculated using the interest rate differential, whichever is greatest. If your mortgage is variable-rate, the prepayment penalty is typically three months’ interest. Additional closing costs may also be required as the mortgage registration requires updating. If your mortgage is due for renewal soon, this could be a good opportunity to refinance without prepayment penalties. To help you decide if you should refinance at this time, we’ve laid out some benefits of refinancing: Should You Renew Or Refinance Your Mortgage?
Connect with an Edison agent today to walk you through options and determine if refinancing is right for you.