Mortgage Refinance Options
If you want to lower your monthly mortgage payments or cash out some of the equity in your property, refinancing is an excellent option. At Midland States Bank, we offer several types of home refinancing solutions:
Rate and Term Refinance
A rate and term refinance allows you to change the terms of your current mortgage. You can choose to refinance to the same or a longer term to reduce monthly payments or shorten your term to pay your loan off quicker.
With a cash-out refinance, you can tap the equity in your home to pay for home improvements, pay off higher interest rate debt, fund your child’s college tuition or whatever you can dream up.
FHA Streamline Refinance
An FHA Streamline Refinance allows you to refinance a current FHA loan into a new FHA loan to lower your rate or change your loan term. An appraisal is not required, and the credit guidelines are more flexible than other types of mortgage finances.
VA Interest Rate Reduction Refinance Loan (IRRRL)
The VA Streamline Refinance program, also known as the Interest Rate Reduction Refinancing Loan program (IRRRL), allows veterans who are current on their existing VA home loan to quickly and easily refinance to the lowest fixed rate available, with little to no out-of-pocket costs.