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Managing your finance in the most effective way is important to many consumers in today’s economy and refinancing your home loan can become one of the best solutions to lower your monthly payments and pay your mortgage in shortest time. A careful analysis combined with the advice of your mortgage broker will ensure that you make the right decision.
With traditional refinancing, the interest rate for your new mortgage is often about 2 percentage points below the rate of your current mortgage. However, with the newer low or no-cost refinancing programs offered, home owners can find it valuable to refinance to obtain a smaller reduction in interest rates.
The decision on whether or not to refinance has, in the past, meant balancing the savings of a lower monthly payment against the costs of refinancing.
Costs associated with refinancing are similar to those when obtaining an original home loan and may include legal fees, application fees, settlement costs, and other related fees.
Even in case when your rate change is less than one percentage point, you may be able to save some money by refinancing. Typically the cost runs between three and six percent of the total amount of the home loan. Our fund offers a preferred Rate of Return of 8% per year. It is not uncommon for the actual return to be higher.
Contact our officers to discuss various costs and laws governing the fees charged by mortgage companies and the potential savings you can enjoy.
Get a lower interest rate and a lower monthly payment
Change the type of loan (for instance, from a variable-rate mortgage to a fixed-rate mortgage)
Get cash out for a big investment
Shorten a loan term and build equity more quickly
Consolidate debt
Rate-and-term refinancing to save money. Typically, you can refinance remaining balance for a lower interest rate and affordable a terms
Cash-out refinancing, enables receiving a higher financed amount than owed before. The difference in cash can be used to pay off an existing debt or invested in new properties
Among other reasons to refinance are the opportunities to replace an adjustable-rate mortgage with a fixed-rate loan, to settle a divorce or to eliminate FHA mortgage insurance.
Whatever your reasons, our experienced loan advisors at 1st Point Lending, Inc. will assist you determine if now is the right time to refinance. In this mortgage loan industry behind us, and we’ll help you figure out the best loan options for you, get your paperwork in order, and get your new loan closed as quickly as possible.
Contact us to discuss various costs and the potential savings you can enjoy on your refinancing with 1st Point Lending, Inc.
