Refinancing Your Home Mortgage

Call our team of loan experts today and we will quickly breakdown the pros and cons and the facts and figures for a refi. Saving you money is our goal...

Now is a great time to Convert Your Equity – The housing market is making a steady recovery and values have been rising over the past 2 years while refinance rates have remained low. Do you want to pay off any high interest loans or upgrade your house with improvements? Your home is your biggest asset; you can use it for additional monies that you can use for other purposes. However, instead of climbing unknown and dangerous mountains of information, call our team of experts today to set you on the right path. Don’t place your home at risk by making the wrong decisions.

Home Equity Loan vs. Home Equity Line of Credit

There are two major major options when looking into using your home’s equity fro cash:1) a home equity loan (HEL) or 2) a home equity line of credit (HELOC). What is the difference?

Home Equity Loan

A home equity loan is, essentially, a second mortgage. The bank gives you a certain lump sum of money at a fixed rate of interest. Typically, you have up to 15 years to pay it back with fixed monthly payments. You can expect your interest rate to be lower than your typical credit card rates and you may be able to consolidate these debts into one payment. Another feature of a home equity loan is that it may be tax-deductible. Call us to find out more about how to get cash from your home for other uses!

Home Equity Line of Credit (HELOC)

A home equity line of credit is like a credit card except for using your home as collateral. The bank will set your credit limit which is typically determined by taking a percentage of your home’s appraised value and subtracting the amount you still owe on the mortgage; the bank then factors in other financial matters and, if you are approved, then you can withdraw funds with checks or a credit card.

This line of credit has the advantage of letting you borrow the amounts you need at various times and you do not have to borrow one big sum at one time; instead, you withdraw funds when you need them.

With values rising, you can tap into the equity in your home and take advantage of lower rates and lower monthly payments.

Home Loans are available for single family homes up to 4 units. Refinancing your mortgage is a way to potentially lower your interest rate and monthly mortgage payment. We can help you clearly see differences between lenders and products and choose the right one for you – whether you’re a first-time home buyer or a seasoned veteran. Studies show that mortgage rates vary significantly. Be sure to check out our expert advice and explore the full range of home financing options available to you.

Refinancing a home loan is much easier than purchasing a home. There are a few reasons why people consider refinancing their current mortgage. Understanding the big picture of what comes with getting a new mortgage can help you determine if refinancing is right for you. There are essentially three options to choose from:

  1. Refinancing to a fixed rate
  2. Refinancing to lower your monthly payment
  3. A cash out refinance

Refinancing to a fixed-rate loan is smart to do when interest rates are low. ARM mortgages are unpredictable so it may be smarter to take advantage of low rates to refinance from your adjustable-rate mortgage (ARM) to a new fixed-rate mortgage.

If your original mortgage payment has turned out to be too high, refinancing your loan might help. But before you decide if this is the right choice for you, contact our team of experts and let us help you decide. Lowering your monthly mortgage payment by refinancing to a lower rate or extending your loan term can make it easier to pay your mortgage on time every month, while also possibly covering your other debts and expenses.

A cash-out refinance pays off your existing first mortgage . This results in a new mortgage loan which may have different terms than your original loan. It will result in a new monthly payments in order to pay off the mortgage principal and interest by the end of the loan term.

We are dedicated to lowering your monthly payments and taking the headaches out of refinancing your home mortgage by advising you through the entire process with our team of experts who are waiting right now for you to call them. There is no reason for you to be alone in this most important decision as the wrong one may be devastating to you and your family’s financial well-being.

Our team of trusted advisers will tell you about the Pros and Cons of refinancing before you start the process so that you do not allow the banks to gain an unfair advantage over you. With the right knowledge, you will be able to make the right choices so that you save money while enjoying your most valuable asset.

Since home loan interest rates are at a historic low, home loan rates are a good place to start your loan comparisons. If you’re purchasing or refinancing a home, you’ll see that rates differ depending on various factors that we at Convert Your Equity can educate you on. For example, you’ll want to consider both the interest rate and the annual percentage rate in determining what to do.

Here is a quick summary of your options:

  • Fixed-rate loans have a set interest rate, so the principal and interest payment stays the same for the life of the loan.
  • Adjustable-rate loans have an interest rate and payment that are fixed for an initial period and then can adjust up or down once a year for the rest of the loan term.
  • FHA & VA refinance loans
  • Government loans like FHA and VA loans have more flexible qualification guidelines than conventional loans.

Generally, when you consider mortgage rates, you’ll find that they’re based on different factors, such as the type of mortgage, the term and points. There will be an interest rate as well as an annual percentage rate (APR) . The APR is useful when you’re comparing the total cost of mortgage products among lenders, because it includes estimated loan fees and closing costs spread out over the length of the loan.

Now is a great time to lock in the best refinancing rates in years. Mortgage rates are now as low as 2.82% APR for the First 60 Months. You should be aware that there is an interest rate as well as an annual percentage rate (APR). The APR is useful when you’re comparing the total cost of mortgage products among lenders, because it includes estimated loan fees and closing costs spread out over the length of the loan.

Current rates are still very low, but they are rising quickly, and if you wait you will miss out on some of the best deals in years! Most financial analysts are indicating that long-term interest rates will rise close to the 5.0 percent rate by the end of next year. Call us today and talk to one of our trusted advisors. We will show you how to get the lowest rate on your mortgage refinance.

Whether you want to have more money for groceries or take a trip fro your family, look into the advantages of refinancing now before the rates go up. Call us now and take advantage of the lower rates while they still exist. Do not be left behind during this special time for refinancing your home.

How Much Will it Cost to Refinance?

Refinancing costs are very low; usually an appraisal costs about $300 if one is necessary, and closing costs will often be waived or included in the loan so you don’t pay anything out of pocket. The key is to find the lowest rate possible, which is why our team is your best bet for finding your best loan. You need a mortgage broker that takes the time to understand what you are looking for and what you need.

Call our team of loan experts today and we will quickly breakdown the pros and cons and the facts and figures for a refinance. Saving you money is our goal, so call us and talk to one of our adviser to get started.

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