REFINANCE

Thinking About Refinancing Your Mortgage?

SCHEDULE A MORTGAGE REVIEW
CALL US TODAY
MORTGAGE LOAN OFFICERS

Thinking About Refinancing Your Mortgage?

We’re here to help you take the next step. Lake Area Mortgage can help you determine whether refinancing is right for you.

Conventional
FHA
USDA
VA
Lot & Land Loans

Conventional Refinance

Lock in a better deal on your primary residence, second home, or investment property! There are two common types of refinancing, each with their own benefits:

Rate-Term

The benefits to this option are right in the title:

• May shorten your loan term

• May lower your interest rate (which may also lower your monthly payment)

In many cases, we are also able to help reduce or completely remove mortgage insurance!

Cash-Out

This refinancing option gives you the opportunity to use the equity in your home, second home, or investment property for extra funds. These funds can then be used for:

• Consolidating debt

• Financing home improvements

• Purchasing an investment property

The possibilities are almost endless!

Regardless of refinancing options or opportunities, if you haven’t taken a look at your current mortgage situation in a while, reach out to us for a comprehensive mortgage review! It’s good practice to do this once per year or when your financial situation changes.

Talk to a Mortgage Loan Officer

FHA Refinance

This refinancing option gives homeowners with FHA loans an opportunity to experience the benefits of refinancing. There are three types of FHA refinance loans:

Rate-Term

Like a conventional rate-term refinance, FHA borrowers may be able to use this option to:

• Shorten your loan term

• Lower your interest rate (which may lower your monthly payment)

• Reduce or eliminate mortgage insurance

Your property may need to be re-appraised.

Cash-Out

This refinancing option gives you the opportunity to use the equity in your home for extra funds. These funds can then be used for:

• Consolidating Debt

• Financing home improvements

FHA Streamline

This refinancing option is exclusively available to borrowers who currently have an FHA loan. For those who qualify for this program, the benefits can include:

• Permanently lowering their monthly payments

• Re-appraisal not required

• Use original purchase price as the current value

• Zero closing costs option (for qualified homeowners)

*For FHA Streamline, you must have owned the property for at least 6 months and be current with your mortgage payments to qualify.

Talk to a Mortgage Loan Officer

USDA Refinance

USDA Loans are easily refinanced! Refinancing could be a good move, even if you owe more on the house than its current value!

USDA Streamline

USDA Loans are easily refinanced! Refinancing could be a good move, even if you owe more on the house than its current value!

• No appraisal, inspection, or credit analysis required.

• Zero closing costs/escrow charges option.

To qualify, you must not have any late payments covering the previous 12 months and the refinance must lower your monthly payment by over $50  per month.

Talk to a Mortgage Loan Officer

VA Refinance

Homeowners with a VA loan who are looking to refinance have two options to do so:

Streamlined IRRRL

(Interest Rate Reduction Refinance Loan)

This program is one of the simplest yet most significantly beneficial refinance options:

• Lower your interest rate (lowering your monthly payment)

• May shorten your term

• Option to convert from an adjustable to a fixed rate

• Re-appraisal not required

• Less documentation necessary in most cases

• New COE not required

• May finance closing costs

Cash-Out

VA borrowers can utilize a cash-out option similar to conventional cash-out, but with extra benefits:

• May lower your loan rate

• Option to combine first and second mortgage

• Can help tap into your equity for extra funds

• May refinance a higher loan-to-value than other cash-out programs

For VA cash-out, the property must be owner occupied and the borrower must have not missed a mortgage payment in the last 12 months.

Talk to a Mortgage Loan Officer

Lot & Land Refinance

Similar to a home loan refinance, you can use this method of refinancing to potentially:

Rate-Term

Similar to a home loan refinance, you can use this method of refinancing to:

• Lower your interest rate (lowering your monthly payment)

• Shorten your term

Talk to a Mortgage Loan Officer

COMPARE YOUR LOAN OPTIONS:

Review and compare our available home loan options!

VIEW OUR HOME LOAN OPTIONS

© Copyright 2025 – Lake Area Mortgage®, a division of Royal Credit Union – NMLS ID# 543781  

1200 West County Road E, Suite 200 | Arden Hills, MN 55112
Phone  : (651) 209-2900 | Fax: (651) 209-2929