Ready To Refinance Your Home Loan And Change Your Life
Refinancing your home loan can help you achieve a variety of financial goals. We offer multiple mortgage refinancing options to meet your individual needs. Learn more about the different mortgage refinance options available to you below.
Learn About The Different Types of Refinances
Rate and Term Refinance
Here is how you can benefit from a rate and term refinance
- Lower your mortgage payment
- Get a lower interest rate
- Shorten the length (term)of your mortgage
Cash-Out Refinance
A cash-out refinance turns your homes equity into cash
so you can:
- Renovate or upgrade your home
- Pay for your kids college tuition
- Fund investments
- Create a financial safety net
Debt Consolidation
Refinance
Use your home”s equity to cut debt, boost savings,
and give your family and you a fresh financial
start it deserves!
How To Get Started On Your Refinance And Our Process
Starting your refinance with MacLagan Home Loans is straightforward, simple and supportive. Our process is designed to address your needs and we will craft a custom refinance proposal based on your unique situation.
Begin by completing our Refinance Qualifier online or scheduling a one-on-one consultation with our experienced mortgage professionals. We’ll guide you through gathering the necessary documentation. Then we will create a custom refinance proposal, review the different options and you will be on your way to completing your refinace!
To get started on your Refinance:
Get approved Quick & Easy!
Loans we offer
Your Home Loan Could Be Fully Funded 21 Days From Now Without Any Hassles!
Conventional Loans
A popular mortgage option for borrower’s with strong credit and stable income. Down payments as low as 3% and with competitive and adjustable rate options.
Read moreFHA Loans
A great mortgage option for first-time home buyers or those with limited funds. They have flexible credit requirements and offer down payments as low as 3.5%.
Read moreVA Loans
The best loan option for eligible military veterans and active duty service members. 100% financing and no mortgage insurance.
Read moreJumbo Loans
A great mortgage option for borrower’s looking to finance a home that exceeds conventional loan limits. Down payments as low as 10%.
Read moreDSCR Loans
Rental property loans that require no income or employment verification. The best loan for real estate investors and landlords
Read moreFix & Flip Loans
The perfect loan option for real estate investors who are looking to finance a property that needs renovation. Finance 100% of the renovation with down payments as low as 10% of the purchase price.
Read moreRefinance FAQ
What is the average cost of refinancing a mortgage?
Refinancing typically costs between 2-5% of your loan amount. These expenses include application fees, origination charges, appraisal costs, and title insurance.
At MacLagan Home Loans, we offer the lowest cost to refinance your mortgage. By do not mark up any of the fee and would rather see you put in a better financial situation.
When should you refinance your mortgage?
The best time to refinance varies for each homeowner, but generally, explore this option when you can achieve at least one of these goals: secure a lower interest rate, reduce your monthly payment, shorten your loan term, consolidate debt, need to cover home improvement costs or eliminate mortgage insurance. At MacLagan Home Loans, we provide personalized refinance consultations to help you make this important financial decision with confidence.
How much equity do you need to refinance?
How much equity you need depend on your refinance goals. For rate-and-term refinances, you might qualify with as little as 3-5% equity, while cash-out refinances typically require 20% equity remaining after the transaction. Government-backed loans such as FHA, VA and USDA loans often have more flexible equity requirements. Let our experts at MacLagan Home Loans find the right solution for your specific equity situation!
What is the minimum credit score needed to refinance your mortgage?
There’s no definitive minimum credit score for all refinance situations. Conventional loans typically start at 620, FHA at 580, and VA programs may go lower for qualified veterans. The higher your credit score is, the better your interest rate will be.
If you want to explore how we can help you increase your credit score, we offer a free credit improvement at MacLagan Home Loans to our borrowers, so reach out and get started on raising your credit score.
Do I need an appraisal to refinance?
Yes and no. There are certain loan types that do not require an appraisal such as a FHA streamline refinance or a VA IRRRL (These loan types do not require any job verification or proof of income).
If you are doing a rate and term refinance on a conventional loan, depending on how much you have in your home we can receive an appraisal waiver through the automated underwriting system which will eliminate the need for an appraisal. If we do not receive an appraisal waiver through the automated underwriting system then an appraisal is required.
If you are doing a cash-out refinance or a debt consolidation refinance an appraisal will be required.