Refinance Your Home

Refinancing your home means paying off your existing mortgage and replacing it with another mortgage.  Some reasons you may choose to refinance are to lower your current payment, change the terms of your loan, lower your interest rate, or to borrow against the equity in your home to get cash out.

Refinance Options:

If your mortgage is with Community Resource Bank, or with another lender, our refinancing options may enable you to lower your current interest rate, change the term of your loan and possibly include mortgage closing costs in your new loan.

  • Cash-Out Refinance   Allows borrowers to access the equity in their homes and get cash at closing. The existing home mortgage and any liens on the property are paid off and replaced with a refinanced mortgage.
  • Debt Consolidation   Cash-out mortgage refinances are used to pay off debt such as installment loans, auto loans and student loans, or to consolidate debt into fewer monthly payments. A cash-out refinance may require outstanding debt be paid off as part of the transaction.
  • Home Remodeling, Home Improvements and Other Expenses   Cash-out refinances are also often used to fund home remodeling and home improvements or other expenses.

Community Resource Bank offers two types of cash-out refinance loans:

  • Conventional Fixed or Adjustable Rate
  • Federal Housing Administration (FHA)

Find out more by going to How Do I Get Started?

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