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1 |
Lower
Your Monthly Payment |
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If
you plan to live in your home
for a few years, it may make sense
to pay a point or two to decrease
your interest rate and overall
payment. Over the long run, you
will have paid for the cost of
the mortgage refinance with the
monthly savings. On the other
hand, if you plan on moving in
the near future, you may not be
in your home long enough to recover
the refinancing costs. |
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2 |
Switch
From an Adjustable Rate to a Fixed
Rate Mortgage |
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Adjustable
rate mortgages (ARMs) can provide
lower initial monthly payments
for those who are willing to risk
upward market adjustments. They're
also ideal if you don't plan to
own your property for more than
a few years. However, if you have
made your house a permanent home,
you may want to swap your adjustable
rate for a 15-, 20- or 30-year
fixed rate mortgage. Your interest
may be higher than with an ARM,
but you have the confidence of
knowing what your payment will
be every month for the rest of
your loan term. |
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3 |
Escape
Balloon Payment Programs |
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Like
adjustable rate mortgage programs,
balloon programs are great when
you want lower rates and lower
initial monthly payments. However,
if you still own the property
at the end of the fixed rate term
(usually 5 or 7 years), the entire
balance of your mortgage is due
to the lender. If you are in a
balloon program, you can easily
switch over into a new adjustable
rate mortgage or fixed rate mortgage. |
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4 |
Remove
Private Mortgage Insurance |
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Zero
or Low down payment options allow
homeowners to purchase homes with
less than 20% down. Unfortunately,
they also usually require private
mortgage insurance, which is designed
to protect the lender from loan
default. As the value of your
home increases and the balance
on your home decreases, you may
be eligible to remove your PMI
with a mortgage refinance loan. |
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5 |
Cash
In on Your Home's Equity |
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Your
home is a great resource for extra
cash. Like most homes, yours has
probably increased in value and
that gives you the ability to
take some of that cash and put
it to good use. Pay off credit
cards, make home improvements,
pay tuition, replace your current
car, or even take a long-overdue
vacation. With a cash-out mortgage
refinance transaction, its easy.
And its even tax deductible. |
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PRE-APPROVAL
OVER THE PHONE IN MINUTES
CALL (866) 750-6551 |
