Refinancing is a term that refers to paying off the current mortgage through another mortgage loan in which closing costs are included and you can have a surplus for different purposes. The approval of a surplus will be determined by the repayment capacity of the applicant in addition to the result of the appraisal. The action of borrowing on a property that you do not owe is also known as refinancing.

If the property's value has increased since it was purchased, refinancing may allow the homeowner to obtain a mortgage for an amount greater than the original loan balance. Additional funds can be used to make improvements to the property, such as renovating a kitchen or bathroom, adding a room, installing new windows, among others. In addition, refinancing can also allow the homeowner to pay off debts, such as credit cards or personal loans, which may have a higher interest rate than the mortgage. Another of the advantages that you can receive from a refinance is to reduce the term of years of your current mortgage.

There are different types of refinancing. We find refinancing with surplus (Cash-Out), without surplus (No Cash-Out) and Streamline. We call this last product VIG Fast Track since it is very convenient and fast.

If you have a mortgage guaranteed with the Office for the Veterans Affairs (VA), USDA Rural Development, or insured with the Federal Housing Administration (FHA) you can refinance with no excess and no reassessment or credit or income investigation required. The primary requirement is that you have paid your mortgage on time for the last 12 months.