Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. A borrower may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Borrowers who started with a high-interest sub-prime loan can often reap the rewards of an improved credit standing by refinancing. Some homeowners refinance to 'cash out' and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly.
Regardless of the reason for refinancing, your Alpha Mortgage loan officer will need to know what the existing loan scenario entails. He/she will review the homeowner's long-term goals and provide a comprehensive spreadsheet that outlines various loan programs that will provide noteworthy benefits to the homeowner.