Mortgage and banking that saves you money.
Refinance to save on monthly payments, cash-out equity, or purchase a new home.
Unlock lifetime real estate savings with the Nada Card.
Pay off high-cost debt, like credit cards, or
make home improvements.
Compare your rate to the market to reduce your monthly payments or shorten your term at the right time.
Finance your next home purchase with Nada and
receive a free Nada debit card.
Open a free Nada debit account to access lifetime savings. Earn cashback, free refinance for life, and participate in our mortgage payment rewards program.
Browse through these FAQs to find answers to commonly asked questions.
Creating a new mortgage to replace the previous financing, typically with more favorable terms or new borrowers added/subtracted.
Typical scenarios where you may consider refinancing your mortgage:
• Rates are at least .25 lower than when you last financed
• Your fico score has improved 20+ points, or your income has increased 10%
• Your home has significantly appreciated in market value
• Home improvements such as a pool or solar need to be installed
• When a life event may impact cash flow, such as a birth, college acceptance, planning to open a new business, marriage, retirement or death in the family.
Nada Loans offers cash-out refinance loans as well as rate-and-term refinance loans. If you’re looking to lock in more favorable loan terms, you might want to explore rate-and-term refinancing. This kind of refinance can help you secure financial benefits such as reducing the amount of your monthly payments, changing the type of loan you currently have, or getting rid of private mortgage insurance (PMI). If you’re looking to access quick cash, cash-out refinancing can help you convert your home equity to capital. Get pre-approved in as little as 3 minutes to see what options are available to you.
When you refinance your mortgage, you’ll encounter many of the same closing costs that you had to pay when you finalized your original loan. These costs can include third-party fees, insurance, escrow and taxes. You should review your Loan Estimate and your Closing Disclosure for a complete list. Usually, these costs add up to about 2-5% of the loan amount. Ready to refinance? Check out rates and see which terms you qualify for today.
Depending on your situation one of these should apply:
• Lower rate
• Shorter term
• Lower payment
• Debt consolidation
• Home improvement
• Cash in handChange of title ownership (Death, Divorce, Marriage)
A cash-out refinance is when a mortgage is refinanced for more than the outstanding balance—converting home equity into cash. Cash-out refinancing can be a great way to free up money for outstanding debt or to make an investment in home improvements.Common ways you could use a cash-out refinance
• Home renovation
• Debt consolidation
• Student loans, tuition fees and college funds
• Retirement funds
• Investing in new properties
• Buyout a co-borrower
In most cases you do need to have your house appraised in order to refinance. However, depending on the circumstances, an appraisal may not be required. Consult your Nada Equity Specialist to find out if an appraisal is necessary before you start the refinancing process.