APM BLOG

Refinancing your mortgage can be a strategic way to improve your financial position as a homeowner. Whether your goal is to reduce your monthly payment, access home equity, or adjust your loan terms, understanding how a home refinance works is the first step.

This guide breaks down the most common types of home refinance options, including rate-and-term refinance and cash-out refinance, so you can make an informed decision based on your goals.

Overview

Refinancing replaces your current mortgage with a new loan to lower costs, change terms, or tap home equity. The two main options are rate-and-term (to improve rate, term, payment structure, or loan type) and cash-out (to convert equity into cash for uses such as renovations or debt consolidation).

When considering refinancing, compare the potential savings with the closing costs (often 1% to 5% of the loan amount), consider equity and credit requirements, and factor in how long you’ll keep the home. The best strategy aligns with your goals, timeline, and overall financial plan, ideally with guidance from a Loan Advisor.

REACH YOUR GOALS

De-Risking Your Investment Portfolio

Depending on your financial goals and personal preferences, you may have a medium- to high-risk investment portfolio. However, if you've recently become concerned about one of the following situations, you may want to consider lowering your risk.

One of the great things about owning a home is that you can truly make it yours. Don’t like the carpet? Rip it out. Hate the tan walls? Paint them any color. Don’t like the wall between the living room and the kitchen? Tear it down (as long as it’s not a load-bearing wall)!

More homeowners are choosing to renovate their current space rather than buy a new home. Whether you’re updating out of necessity, personal taste, or a desire to build equity, it pays to research which home renovations deliver the best return on investment before you pick up that sledgehammer.

Since the overall economic forecast has been affected by the conflict in the Middle East, consumers are searching for new ways to economize. One way to lower discretionary spending is to consider a joy-based budget that makes it possible to enjoy favorite activities. Reviewing a household's various insurance premiums may provide savings. And home buyers in the Midwest and Sun Belt may have more opportunities to buy than they realize.

If you locked in a low mortgage rate a few years ago, the last thing you want to do is give it up. But you’ve also been watching your home equity grow and wondering, is there a way to put that money to work without starting over with a new mortgage?

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Turn Your New Job into A Financial Reset

If you're planning to make a career move this year, it can be the ideal time to reassess your overall financial picture. Since a new job means new income and benefits, it may also change how you think about money, especially if your career path improves.

It’s easy to get tunnel vision when you’re building a new home and it’s nearing completion. You can practically feel that beautiful wooden banister and picture your shoe collection in that marvelous walk-in closet. These visions keep you going when your home is being built, but before you pack up those shoes, you want to make sure you understand the loan process, especially how your permanent loan finalizes. 

Prospective home buyers are finding more leverage through a 20% year-over-year increase in housing inventory, combined with cooling sticker prices for homes. A few of these buyers may be able to locate an assumable mortgage with a low rate from early 2021. While the housing "thaw" provides some relief, inflation is still affecting consumer spending, although showing signs of cooling slightly.

Are you having a rough time finding the exact home that meets your vision? Then building your dream home may be the right strategy for you. A custom home can take a few forms.

This label encompasses everything from buying a newly built home that allows for a few customized home plans to hiring a custom home builder who can tailor every plank, light switch, and master bedroom angle to your exact specifications.

Building your dream home is the most amazing thing ever (next to your kids), but like your kids, it requires careful planning and consideration. There are upfront tasks and considerations that may not come to mind, especially if you’ve purchased an existing home before and feel like this isn’t your first rodeo.

As a medical professional, you’ve dedicated countless hours to building your career and caring for others. Whether you’re a newly graduated doctor, dentist, or veterinarian, or an experienced professional, owning a home can feel like a distant goal. Student debt, limited credit history, and the high costs of buying a property add hurdles to achieving this milestone. Fortunately, the Doctor Loan program is here to change that.

Doctors, dentists, podiatrists, veterinarians, pharmacists, and CRNAs have some of the highest student loan balances and may have a difficult time qualifying for a mortgage when compared to other professionals. Lenders underwrite loan transactions using a calculation for student loan payments that can keep these highly trained professionals out of the housing market.

A “Doctor Loan” was designed to assist medical professionals in getting into a home with a low down payment while avoiding costly private mortgage insurance (PMI). They’ve been around for many years, but with the renewed focus on student loan debt, they’re making a bit of a comeback.

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Five Reasons to File Your Taxes Sooner

There are two types of tax filers: those of us who file as soon as possible, and those who put it off until mid-April. If you're one of the millions who procrastinate, here are some reasons for filing early this year.

As the months ahead take shape, many people are looking for ways to improve their cash flow, exploring options that range from checking their eligibility for a health savings account (HSA) to buying and selling through the growing recommerce market. While mortgage interest rates have fallen, creating new opportunities for home purchases and refinancing, some buyers are still choosing to wait for property prices to cool.

Buying vs. renting real estate will always be a personal decision—one that should be based on your lifestyle, goals, and financial well-being. Factors like interest rates, the housing market, and what others around you are doing can be influential, but the ultimate decision is up to you.

Putting all that aside, here are some pros and cons of buying vs. renting that you should consider when determining whether buying vs. renting is better for you.

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Start 2026 with the Right Budgeting App

While there's no shortage of budgeting applications available, current user rates suggest that many consumers find it difficult to choose the right one. Recent studies found that while around 45% of consumers use spreadsheets and calculators, only around 21% use budgeting applications.

As we step into a new year, it's a great time to reset, refocus, and look ahead with optimism. We hope the weeks ahead bring you and your loved ones good health, meaningful moments together, and plenty of reasons to feel hopeful about what's next.

You know credit scores are important, but you may be wondering how they are calculated and what the big deal is. This all-important number can be looked at for a multitude of reasons: when you get a job, lease an apartment, open a new account, or apply for a loan---including a home loan.