E Mortgage Capital offers homeowners the possibility to refinance their current mortgage payments. Borrowers can choose hassle-free between the following benefits to refinancing their mortgage. The total finance charges may be higher over the life of the loan:
Reduces their monthly repayments
Pay off their remaining mortgage
Obtain an increase in disposable cash
Conventional Refinance Loan
You can customize your current interest rates and payment terms to suit your payment plans
You can obtain a Refinance cash out and use it to settle a current debt, or invest in a home improvement project
You can adapt your term options from 8 and 30 years
FHA Refinance Loan
You can choose between more flexible credit options
You will require additional mortgage insurance
We offer flexible term options from 8 and 30 years
VA Refinance Loan
Reserved for active duty, reservists, military veterans
No need for mortgage insurance required
More flexible and easy-to-meet credit requirements
You can adapt your payment terms from 8 and 30 years
Jumbo Refinance Loan
Higher amounts available to refinance your current loans
We will request higher reserve requirements
Clients will have to comply with more restrictive debt to income ratio requirements
You can choose between different term options between 8 and 30 years
Other Refinance Loans
You can choose an interest-only payment
You can choose your payment term and customize it from 8 to 30 years
Choose the Refinance Option that best suits you and Start Saving Money
Frequently Asked Questions About Loan Refinance
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How to Claim Refinance Tax Deduction and is mortgage interest tax deductible?A deduction is a subtraction you can claim on your federal taxes that reduces your tax burden. There are a number of tax deductions that you can take advantage of if you refinance a mortgage loan. You can deduct the full amount of interest you pay on your loan in the last year if you did a standard refinance on a primary or secondary residence. You can only deduct 100% of your interest if you take a cash-out refinance, particularly if you use the money for a capital home improvement. Otherwise, you can only deduct the percentage of interest you paid on your original loan balance.
You can also deduct your discount points and any closing costs you pay toward a refinance on an investment property. You must spread these costs over the total term of your refinance and can only deduct these expenses if you itemize your deductions.
How does refinancing affect your credit score?If you refinance your current mortgage please note your credit score (officially known as the FICO score) can be affected. This is because you are adding a new loan to an existing one. Nevertheless, this effect is usually only temporary.
What documentation should I have ready to request a refinance?1. Pay Stubs - You will be required to show your recent salary stubs. If you are self-employed you must provide two recent tax return forms as well as profit or loss forms. If you have other income sources please provide 1099 forms.
2. Tax Returns and W-2s - Copies of your last W-2 statements and tax returns. Typically, lenders will ask for two years’ worth of information.
3. Credit Report - It is very useful to have your credit score checked if this information is required by our lenders and risk analysts.
4. Statements of Outstanding Debt - Details about your outstanding financial obligations. Account statements on all remaining debts, including your existing mortgage, home equity, lines of credit, car loans, and student loans.
Is refinancing worth it?Yes, Refinancing can actually help you save money especially if the original loan you obtained had excessively high-interest rates. In this case, refinancing makes financial sense since it lowers the interest rate on your loan and can help you shorten the payment schedule.
Another advantage of refinancing your mortgage is that you can obtain cash out to pay off existing credit card debts, student loans, or invest in a home improvement project.
Are home appraisals required for refinancing?Most lenders require that you get a home appraisal (valuation) before you refinance your mortgage. You may not need an appraisal to refinance your loan if you have an FHA loan, VA loan, or USDA loan. In some situations, you may be eligible for an appraisal waiver on a conventional loan as well. Consult with your loan advisor as to whether or not you are eligible for a property inspection waiver (PIW).
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