When you refinance, it means that you pay off the entire amount of your existing mortgage and take out a new mortgage. People often do this to get a lower interest rate, to change term of loan i.e. 30 year to 15 year, or remove a co-signer from the loan. It is essential you contact One Roof prior to refinancing (see Article 8.3). You can use the form below.
Home Equity Loans are loans where a homeowner borrows against some of the equity they have in their house. Equity is the amount you have paid on your mortgage, your down payment, and 25% of how much the house has increased in value compared to when you purchased. Equity is an important financial tool and one of the greatest financial benefits of owning a home. If you are interested in a Home Equity Loan, fill out the form below or contact Brooke at (218) 206-9316 btapp@1roofhousing.org.
