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Whether you want to get a better rate and lower payments, get cash for home improvements, college education or consolidating debts, we are your local refinance specialists and have the perfect loan for you.
What is refinancing, and why should I consider it? There are many smart reasons to refinance, but it may not be for everyone. Here you will find detailed and helpful information to guide you through the process. Once you have a mortgage, do not stop paying attention to interest rates even if you never plan to move again. You might be able to save thousands of dollars a year by refinancing into a lower cost loan. Refinancing is simply trading in your old mortgage, sometimes wrapping in a second mortgage or home equity loan, for a new one. Usually, the new mortgage has a lower interest rate, although you may decide to refinance to shorten or lengthen the term of the loan or convert from an adjustable to a fixed rate. The savings can both be economical and substantial. For example, someone with a $150,000.00 30-year loan at 10% interest rate for instance would cut monthly payments by more than $200.00 with an 8% mortgage. This results in a $75,000.00 - plus savings over the 30 years. If the term were shortened to 15 years at that same 8% rate, monthly payments would increase by approximately $120.00, but the homeowner would save more than $200,000.00 in interest by cutting the term of the loan in half. Should I refinance? Unfortunately refinancing doesn’t always save homeowners money. There are usually cost involved in refinancing, which can eat into the savings. The simplest way to figure out whether refinancing is worth it is to add up all the costs and divide the total by the amount you would save each month. The result is the number of months it will take to break even. If you are likely to move before then, forget refinancing, no matter how much you would save each month. Refinancing is sometimes a complex issue to figure out all by yourself; we invite you to call us and we will be happy to assist you. Get Cash Out We'll help you determine what exact loan product makes the most sense for taking cash out of your home. Refinancing and taking cash out using a new first mortgage or a home equity loan, or both depends on your financial goals, the interest rates, your tax rate and more. We'll help you choose the ideal program with the lowest weighted annual percentage rate and payments to meet your personal needs and goals. Lower Your Payment—Save Money If interest rates fall below your current mortgage rate, refinancing may be a great idea. The old idea that rates must be 2 full percentage points below your existing loan is not true. A drop of as little as 1/2% could save you thousands of dollars. We'll help analyze your personal needs and goals and find the right loan at the lowest costs possible. A variety of loan terms, no-point rate options and lower closing cost loans have greatly decreased the rate difference needed to make refinancing profitable. Another popular way to lower a monthly payment is an interest-only loan. With this loan, the borrower pays only the monthly interest on the balance—you can pay principal as well if you wish. We will always help you determine what loan program will best suit your needs and goals, whether it is an interest only loan or some other program.
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The government reported inflation numbers this morning that were than expected. The Core PCE year-over-year reading was higher than what the Federal Reserve believes it should be....  |
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