Refinance FAQ

What are the Benefits of a Wyndham Capital Refinance Loan?

You may want to consider refinancing your home mortgage if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage, lowering your monthly mortgage payment, looking to free up capital for other investments, or interested in building more equity in your home more quickly.

Read our blog on The Top 5 Benefits for Refinancing Your Home

When Does it Make Sense to Refinance?

More often than you might think. The reasons for you to refinance are not only associated with the interest rate environment. There are a number of other factors that you should consider in this decision. Some examples for you to consider are below:

  1. You’re looking to reduce your monthly payment
  2. You’d like to plan for retirement by saving money over the life of your loan to free up money for other investments
  3. You’d like to save on your yearly taxes
  4. You’d like to save on how much you’re paying in interest
  5. You’d like to try to build more equity more quickly

Can I Refinance at a Low Cost or for Free?

With the wide variety of loan programs available at Wyndham Capital, you may be able to get a mortgage to refinance for free or at minimal cost to you. Plus, you'll start to see immediate savings and won't have to sacrifice your bank account or home equity to get a great rate. To take advantage of our no-cost refinance programs, contact one of our experienced refinance experts about our flexible financing options, or apply online to get matched with a loan program that best fits your goals.

If There is Only a Small Change in Current Interest Rates, Does it Make Sense to Refinance?

A lower interest rate will save you money if you plan to stay in your home for more than a few years. You can use our easy mortgage calculator to see how much you will save through refinancing. However, even if you don't pick a lower interest rate, refinancing can still save you money by allowing you to roll in higher interest debt, or by giving you the flexibility of an interest-only option.

You should also consider the interest that you’re paying over the life of your loan, as it pertains to your plans for the future. Let our Loan Professionals conduct a free consultation with you to address your goals and present you with options that make sense.

Can a Mortgage Refinance Eliminate the Need for Private Mortgage Insurance?

You may be able to remove the need to pay PMI through a mortgage refinance if you meet two conditions:

  • You've earned at least 20 percent of the equity in your home, either through appreciation or paying down your mortgage.
  • You've made your mortgage payments on time every month for a specific period, usually a year.

Can I Refinance to Take Cash Out of My House?

Yes. Wyndham Capital offers a variety of options that allow you to tap into your home's equity and take out cash. Consult your Wyndham loan officer to find out what the best cash-out refinancing option would be for your needs.

How Can I Consolidate Debt When Refinancing My Mortgage?

Cash-out refinancing can help homeowners who want to consolidate high-interest, nondeductible debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments. In addition, your mortgage interest may be tax-deductible, while your credit card interest is not.

Do I Need to Have My House appraised in Order to Refinance?

Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.