Latest news with #InterestRateReductionRefinanceLoans
Globe and Mail
07-04-2025
- Business
- Globe and Mail
Herring Bank Expands VA Home Loan Offerings Across Texas, Colorado, and Oklahoma
Herring Bank has expanded its VA home loan offerings to better support veterans, active-duty service members, and their families in Texas, Colorado, and Oklahoma. This initiative enhances access to government-backed mortgage benefits such as no down payment, no PMI, and competitive rates. With dedicated VA loan specialists, streamlined applications, and refinancing options through IRRRL, Herring Bank aims to make homeownership more accessible for military families. Amarillo, TX - Apr 7, 2025 - Herring Bank has announced the expansion of its VA home loan offerings to better serve veterans, active-duty military members, and their families across Texas, Colorado, and Oklahoma. The move enhances accessibility to flexible, low-cost mortgage solutions tailored specifically for those who have served the country. Veterans Affairs (VA) loans are government-backed mortgage options that offer significant advantages, including no down payment requirements, no private mortgage insurance (PMI), and competitive interest rates. With this strategic expansion, Herring Bank is positioning itself as a leading resource for VA loans in the region. 'Helping veterans achieve the dream of homeownership is one of the most rewarding parts of what we do,' said Chris Godwin, Vice President at Herring Bank. 'By expanding our VA loan services, we're reaffirming our commitment to those who've served — making it easier for them to access affordable, trustworthy lending solutions tailored to their needs.' With a legacy dating back over a century, Herring Bank has long prioritized community-focused financial services. The enhanced VA mortgage offerings will include a streamlined application process, a VA loan specialist, and support for refinancing existing VA loans through Interest Rate Reduction Refinance Loans (IRRRL). Available now, the expanded program is designed to support both first-time homebuyers and seasoned homeowners, offering guidance throughout every step of the mortgage journey. Eligible borrowers can learn more or apply directly through the bank's dedicated VA loan page at This move comes at a time when rising interest rates and competitive housing markets are putting pressure on homebuyers. By strengthening its VA lending services, Herring Bank is helping to ease that burden for qualified military families, particularly in high-demand areas across Texas, Colorado, and Oklahoma. To explore Herring Bank's full range of VA home loan options, visit Herring Bank's VA Loans or contact a local mortgage specialist today. About Herring Bank Founded in 1899, Herring Bank is a full-service financial institution providing personal, commercial, and mortgage banking services. With locations across Texas, Colorado, and Oklahoma, Herring Bank is dedicated to delivering personalized financial solutions with a strong focus on community and customer care. Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Yahoo
30-03-2025
- Business
- Yahoo
Want to refinance your mortgage? Here are 7 options.
Refinancing your mortgage can help you achieve a variety of goals. Depending on what type of refinance you opt for, you could lower your interest rate or monthly mortgage payment, pay off your loan faster, receive cash, change your loan type, or even get rid of mortgage insurance. Are you considering refinancing your mortgage loan? Here are the seven types of refinance options you can choose from — and what each one means for your finances. Read more: 6 times when it's a good idea to refinance your mortgage This embedded content is not available in your region. In this article: Rate-and-term refinance Cash-out refinance Streamline refinance No-closing-cost refinance Cash-in refinance Short refinance Reverse mortgage How to choose the best mortgage refinance option FAQs A rate-and-term refinance changes your interest rate, term length, loan type, or some combination of these three. It's what you might think of as a 'traditional' refinance. These are usually a good option if refinance rates are lower than the rate on your existing mortgage or if you want to choose a shorter or longer loan term. For instance, if you needed a lower payment, you might refinance your current loan into a new 30-year one. This would spread your payments out over more months and lower your monthly payments. (Refinancing into a shorter-term loan, like a 15-year one, would do the opposite — raising your payment but helping you pay off your loan sooner and with less interest.) You also might consider a rate-and-term refinance to change loan types. If you have an adjustable-rate mortgage, for example, you may use this type of refinance to replace that with a fixed-rate mortgage, which has a set interest rate and payment for life. You could also refinance from an FHA loan — which comes with FHA mortgage insurance premiums — into another loan that doesn't. Dig deeper: The best mortgage refinance lenders You'd use a cash-out refinance if you want to tap your home equity. With this option, you'll take out a loan that's larger than your current mortgage balance, use it to pay off your old loan, and get the difference in cash. You can then use the money however you'd like (though most use it for home improvements or consolidating debts). You can get a cash-out refinance with most loan types, including FHA, VA, and conventional loans. Learn more: FHA cash-out refinance VA cash-out refinance Streamline refinances are an option when you want to refinance into the same loan type as before — from an old FHA loan to a new one, for example. The process for streamline refinances is intended to be faster and easier than with full refinances, and you usually won't need a credit check or appraisal, which can reduce your closing costs. Streamline refinances are available on FHA, USDA, and VA loans (although VA loan streamline refinances are called IRRRLs — Interest Rate Reduction Refinance Loans). Read more: FHA Streamline Refinance VA streamline refinance (IRRRL) USDA streamlined refinance Some lenders offer 'no-closing-cost' refinances, which, as the name implies, require no up-front closing costs. These can save you on out-of-pocket cash initially, but you'll still end up paying the closing costs in other ways. In most cases, your closing costs get rolled into your loan balance, resulting in a larger loan amount, higher monthly payments, and more long-term interest costs. Sometimes, lenders will actually cover the closing costs for you, but they'll charge you a higher interest rate instead. Either way, it's important to run the numbers to determine if this type of mortgage refinance is right for you — especially if it results in more interest paid over the long haul. Learn more: How soon can you refinance your mortgage after buying a home? A cash-in refinance is a lesser-known option for homeowners looking to lower their rate and payment or, in many cases, pay off their loan sooner. Think of it as the opposite of a cash-out refinance. A cash-out refi involves taking out a larger loan and receiving the difference in cash. With a cash-in refi, you refinance into a new loan that's smaller than your current balance, making a large lump sum payment to do so. This smaller balance can often help you snag a lower refinance rate, and depending on the term you choose, it could lower your monthly payment too. You could also use this refinance option to speed up your mortgage payoff. In this scenario, you might refinance into a shorter loan term — along with putting cash in — to pay off your mortgage loan sooner. Cash-in refinances can be something to consider if you come into an unexpected financial windfall, like an inheritance. You might consider this type of refinance if you're underwater on your mortgage, meaning you owe more on your mortgage loan than your home is currently worth. With a short refinance, your lender agrees to let you refinance your current loan into a smaller one — more in line with your home's current value. This would lower your monthly payment and, ideally, make covering your monthly payments easier. Short refinances usually result in a financial loss to the lender, but they may cost less than pursuing foreclosure, which can take months or even years to finalize. Talk to your lender if this type of refinance is something you're considering. A reverse mortgage isn't technically a type of refinance, but it is an option if you need to take cash out of your home. There are government-backed reverse mortgages — called Home Equity Conversion Mortgages (HECMs), which are for homeowners ages 62 and up, and there are reverse mortgages from private lenders. These sometimes allow for borrowers to be as young as 55. With reverse mortgages, you turn your home equity into cash. Your lender will either give you a lump-sum payment, send you regular monthly payments, extend you a credit line, or some combination of these options. In the meantime, you won't make any payments. Instead, the reverse mortgage gets repaid when you pass away, sell the home, or move permanently off the property (into an assisted living facility, for instance). The best mortgage refinance option is going to vary from homeowner to homeowner. To choose the right strategy for you, you'll want to take the following factors into account: Your financial goals: What are you trying to achieve with your refinance? A lower rate or payment? A quicker payoff timeline? Cash for home repairs? Your end goal can point you toward the right type of refinance for your situation. Your budget: Refinancing costs can vary widely depending on the type of refi you utilize — from absolutely no fees to tens of thousands of dollars in the case of cash-in refinances. Determine what cash you have for the up-front costs of refinancing, and use that to zero in on which options might be best for that budget. The type of mortgage you currently have: Your current mortgage type will determine what refinancing options you have. If you have an FHA loan, for example, you'll have a streamline refinance option at your disposal. The outstanding balance on your mortgage also plays a role (particularly in the case of cash-out refinances.) Market conditions: Current interest rates and home prices should also factor into your decision. If rates have risen since you initially took out your loan, a rate-and-term refinance likely won't be ideal. The same goes for home prices. If your home's value has dropped, you may not have much equity, meaning a cash-out refinance isn't an option. If you're not sure which refinancing option is right for you, talk to a mortgage professional or financial advisor. They can help you make the right choice for your financial goals and budget. You might also consider working with a mortgage broker. These are experts who can help you compare lenders and loan options to ensure you get the best deal. Read more: How often can you refinance your home? Rate-and-term refinances are the most common type of refinance. These allow you to replace your old loan with a new one that has a different rate, term length, or loan type. There are six types of mortgage refinance options: rate-and-term, cash-out, streamline, no-closing-cost, cash-in, and short refinances. A reverse mortgage is a sort of seventh type — it isn't technically a refinance, but it offers a way to tap into your home equity and receive cash. The right choice depends on your financial goals and budget. The alternatives to refinancing your mortgage depend on what your goals are. If you're looking to pay off your loan sooner, you can simply make extra payments toward your principal balance or opt for biweekly mortgage payments instead of monthly ones. You can ask your lender about a loan modification or recast if you want a lower rate or payment. If you're hoping to tap your home equity, you can look into second mortgages, like home equity loans and HELOCs. Refinancing can often be a good idea if you need to lower your interest rate or monthly payment, pay off your loan sooner, eliminate mortgage insurance, or turn your home equity into cash. It depends on many factors, though, including your financial goals, your budget, current market conditions, and more. Talk to a mortgage professional if you're not sure refinancing is right for you. There are many refinance options to choose from. The most common is the rate-and-term refinance, which replaces your current mortgage with a new one — complete with a new term or interest rate. There are also cash-out refinances, cash-in refinances, short refinances, streamline refinances, and no-closing-cost refinances. This article was edited by Laura Grace Tarpley.
