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Refinancing is a way to lower your monthly payment, reduce the term of your mortgage, or reduce your interest rate. We guarantee that when we refinance your existing mortgage you will save lots of money, even if your interest rate is below 6%
In order to refinance you will need a current appraisal, analysis and in many cases verification of your income and assets, as well as most of the same paperwork required when you originally financed your home. Adequate property insurance and new title insurance is necessary.
Refinancing with us is a good idea if you:
- Have high interest credit cards debt to pay off.
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- Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan. This is a very smart thing to do right now, as rates are predicted to skyrocket over the next two years.
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- Want to build up equity more quickly by converting to a loan with a shorter term.
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- Want to draw on the equity built up in your home to get cash for a major purchase or for your children's education.
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Should You Refinance Your ARM?
| In deciding whether to refinance an ARM you should consider these questions: |
- Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points higher than the prevailing rates being offered for either fixed-rate loans or other ARMs?
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- If the current mortgage sets a cap on your monthly payments, are those payments large enough to pay off your loan by the end of the original term? Will refinancing to a new ARM or a fixed-rate loan enable you to pay your loan in full by the end of the term?
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Equal Housing Lender |