Thanks to the refinance mortgage rates U.S. Bank offers, you may be able to lower your monthly mortgage payments by refinancing your mortgage even if you are not a current customer.
Thanks to the refinance mortgage rates U.S. Bank offers, you may be able to lower your monthly mortgage payments by refinancing your mortgage. Whether or not you are currently enjoying U.S. Bancorp/U.S. Bank Home Mortgage Bank mortgage rates, you may take advantage of its refinancing options.
Under regular refinancing, U.S. Bank pays off your mortgage and starts a new mortgage for you. This is a great way to change the terms of your loan or lower your monthly payments. U.S. Bank's three regular refinancing options include, conventional refinancing, Federal Housing Administration (FHA) refinancing and Veterans Administration (VA) refinancing. In order to use the last two types of refinancing, you must qualify for the FHA or VA programs.
Click here to get mortgage rate quotes now.
You may also use the refinance mortgage rates U.S. Bank offers to get cash if you have equity in your home. You can use the cash for anything, yet common uses are consolidating debts, remodeling or paying for college tuition. Currently, two different types of cash-out refinancing options are available, conventional and government-insured programs. If you opt for government cash-out refinancing, you must qualify for either the FHA or VA loan programs.
If you already have a U.S. Bank mortgage on your home, you may be able to refinance your home through its streamlined process. The streamlined process is for U.S. Bank customers who want a conventional refinancing loan, FHA refinancing or VA refinancing. This process is similar to the other types of refinancing options, except that it is faster.
The refinance mortgage rates at U.S. Bank change almost daily. You may be able to get different mortgage products or different rates in different locations. You can look at today's mortgage rates to give you an idea of what to expect when you refinance. U.S. Bank's mortgage rates today range from 3.125 percent to 4.875 percent. Typically, the lowest rates are on mortgages with the shortest terms and the highest rates on mortgages with the longest terms. If you want a low rate and a long term, you may need to turn to an Adjustable Rate Mortgage (ARM). Using an ARM, you can enjoy a low interest rate on a 30-year mortgage for a set period of time, but after that period, your rate changes annually or quarterly according to the national lending index.
It may be time to refinance your mortgage if you want lower monthly payments or a shorter loan term. To compare U.S. Bank mortgage rates with the rates of other national lenders, go to Reply! today.
Photo credit: Michael Cornelius via Compfight CC.