Refinancing

How Can You Benefit From Refinancing

  • Decrease your monthly payments or shorten the length of your loan
  • Use cash to pay off high interest credit card debt
  • Combine a first mortgage with a home equity loan
  • Take out cash to pay off student loans or other large expenses
  • Switch into a fixed-rate mortgage to take advantage of historically low interest rates

For more information on FHA loans, see HUD.gov 

 

Fixed Rate Loans Offer Stability

Fixed loans are optimal if you are looking for a consistent payment over a long period of time with no surprises. The peace of mind of a fixed-rate loan will offset the slightly higher overall long-term payment. When rates are very low, you can refinance into a fixed-rate loan to lower your monthly payment or convert the fluctuations of an adjustable rate to a steady fixed-rate.

Great news! If you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into a fixed-rate loan which will save you thousands of dollars over the life of the loan.

 

Cost of a Refinance

Refinancing is an investment that does cost the borrower money. Refinancing costs should range from 3-6% of the outstanding principal balance of the loan being refinanced. However, oftentimes these costs can be minimized by making minor adjustments to the interest rate or rolling them into the new loan to avoid out-of-pocket expenses.

Take The First Step and Get Pre-Qualified Today!

Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.

Did you know you can secure a mortgage by filling out one of our fast and easy online applications?

Once your application is filled out we assign a Loan Processor to verify the financial information on the application and to make sure you have everything you need to proceed.

To learn more about the mortgage process and the other steps to buying a home fill out this form below to download the FREE Guide!
home-buyers-guide

Recent Articles

Mortgage Dos and Don'ts to Keep in Mind
September 26, 2017
Mortgage Dos and Don'ts to Keep in Mind

Whether you are a first-time home buyer looking to (finally!) move out of your parents’ house, or an experienced home buyer interested in downsizing, there are guidelines you...

Read More
What Is the Jumbo Loan Limit?
September 13, 2017
What Is the Jumbo Loan Limit?

If you're thinking of buying a house that could be more expensive than the average property in your area, you may need a jumbo loan. This is because mortgage lenders will...

Read More
FHA Loan Requirements
September 07, 2017
FHA Loan Requirements

If you're trying to get a home loan so you can buy a house, a Federal Housing Administration (FHA) loan may be right for you. Why should you apply for this type of loan, and...

Read More
What Are the Closing Costs for a USDA Loan?
July 31, 2017
What Are the Closing Costs for a USDA Loan?

If you've already begun seeking out a mortgage and researching the different types of loan options available, you've probably received quotes from lenders regarding down...

Read More