In addition to standard fixed rate loans for periods ranging from 10 to 30 years, we also have available a number of special programs, including 80/10/10's and 80/15/5's. These are two great programs that allow you to avoid private mortgage insurance, even if you don't have 20% equity. There are also interest only programs, which will provide a lower payment than a loan with normally amortizing principal and interest payments. We work with all types of credit and work to achieve a mortgage that best suits your needs.
There are many reasons it may make sense to refinance your home. Most people want to lower their interest rate, but there are a number of other reasons listed here that also make refinancing a smart thing to consider:
- Lowering your monthly payment
- Taking equity out for home improvement projects or debt consolidation
- Removing private mortgage insurance, even if you don't have 20% equity
- Converting an adjustable rate loan into a fixed rate loan
- Escrow account overhauling-if your payment has increased substantially due to an escrow shortage
In most cases, the closing costs can be added to your loan if you want to do that. The only thing that has to be paid outside of the closing is the application fee, which is $350 for a primary or vacation home, or $450 for an investment property. Larger properties may require a larger application fee, decided on a case by case basis. One other thing to consider when refinancing is what time of the month you close. If you are refinancing and arrange to close in the first 10 to 15 days of the month, we can usually arrange for you to skip two mortgage payments. If you are considering refinancing a loan and want more detail on this part of it, give us a call.
There are lots of programs, ideas and schemes out there to entice you to refinance, some of which may be beneficial and some of which may look good at the onset, and become nightmarish later. As you know, it doesn't make sense to refinance unless it truly benefits your situation. If you have any doubt, go and sit down with a good loan officer and go over the numbers. The right ones are going to let you know if it does not make sense for you to do.
Most importantly, look at the whole picture. Don't ever choose a loan program based solely on the monthly payment. Anyone in the mortgage business can give you a lower payment, but make sure it makes sense for you.
Our mission is to go above and beyond your expectations, to assure that your closing goes as smoothly as possible. We want to be your mortgage company, not just this time, but every time. We appreciate the opportunity to be of service.
