There are many reasons to refinance but the most important thing to remember is “The very best rate on the wrong loan will cost you more than a very good rate on the right loan.”
1. Lower your interest rate
Securing a lower interest rate is one of the top reasons people refinance. Just be sure that the loan you choose is the best loan for you. A loan is more than just the interest rate because a loan with bad terms can cost you more in the long run.
2. Build equity faster
To prepay or to save, that is the question. To get the most out of your loan you may need to adjust the way you pay your loan and yourself.
With an Equity Reposition Report we can show you how your money works and in every case money in the bank grows faster than extra principle payments.
3. Change your loan program
Many homeowners who start with Adjustable Rate Mortgages desire to move to the stability of a Fixed Rate mortgage later on down the road. You may be in a Fixed Rate mortgage and anticipate moving within the next 5 years. Circumstances change over the years and you never want to pay more than you have too on your mortgage.
We can provide you with Total Cost Analysis to find out what you can save with various loan programs.
4. Credit score has improved
If your credit score has improved as a result of making your mortgage payments on time and in full or paying down your debt, you may be in a position to take advantage of your improved credit standing.
We can review your current credit score, the terms of your existing mortgage, and use a Total Cost Analysis to help us find the loan that benefits you the most.
5. Use the equity you have established
A cash-out refinance allows you to tap into the equity you have built up in your home. You may want to pay off revolving credit card accounts, send a child to college, use the money for home improvements or personal expenses or meet your retirement goals by setting up a retirement account to fund your future.
6. Combine your 1st and 2nd Mortgages
It is very common to use your line of credit and then combine the two loans into one loan at an overall lower payment.
7. Reaching your financial goals
You may have a mortgage that is working against your retirement plan. You may also have equity that is sitting in your home earning no rate of return. Whatever the case may be your mortgage must match your financial goals.
Regardless of your reasons for wanting to refinance, my team and I are interested in helping you make a decision that works best for you.
We will begin by reviewing the terms of your existing mortgage program. It will be important for us to know the purpose of the refinance and how long you plan to stay in the home. Your financial goals are equally important because your mortgage needs to fit into your overall financial picture.
When you finish your refinance with our team our service continues with our Rate Watch Report. This monthly report will keep you informed on interest rate changes and how they affect your mortgage.
by Ralph Deeds5 years ago
I just refinanced my home mortgage today--4% for 15 years. Closing costs around $1,900. This is the lowest interest rate in 50 or so years.
by wishingonastar6 years ago
Let me start off by saying that this loan is a Freddie Mac loan. This loan has been sold so many times throughout the 10 years I have lived here. I fell on hard times and tried for a loan modification. My...
by Daniel Carter6 years ago
I noted on the news last night that congress is trying to control bank interest rate hikes, and other predatory practices, at the same time that banks are countering such moves as quickly as they can with sudden new...
by Alex Frias5 years ago
The APR can probably be the most confusing number tagged to a loan. The APR or the Annual Percentage Rate, is actually a simplified effort to show you that the finance related charges are rolled into the loan. The APR...
by Shepherd's Lamb6 years ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for...
by American_Choices4 years ago
Rarely in my lifetime have I had the luxury of knowing who owns my mortgage. Early in the 1990's the mortgages were actively bought and sold. Sadly, the local banker became an intermediary and my mortgage was sold.Now a...
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