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Refinance Refinancing is simply the acquisition of a second mortgage that is used to repay the first mortgage. During this process, you can borrow against your home equity to increase the amount of the loan over and above that of your first mortgage. This is called a cash out refinance and gives you the funds to pay for home improvement, college tuition, a brand new car or any other major purchase. Depending on the use of the money left over after refinancing, the repayment may be tax deductible. 1 2 3 4 5 6 7 8 9
Imperfect Credit The federal government offers many programs for low income or those with blemished credit and special loans for those of you who are teachers or police officers. To find out more about these programs, visit the Department of Housing and Urban Development’s website at www.hud.gov, or the Veterans Administration at www.homeloans.va.gov. 1 2 3 4 5 6 7 8 9
Home Construction Loans Home construction loans are usually based on both the potential value of the home and the borrowers income. In order to estimate the value of a home that has yet to be built an appraiser will be called in to evaluate the kind of house that is being built, the materials used to build, the expense of the materials, the expense of labor, the expense of the land, and other miscellaneous costs. 1 2 3 4 5 6 7 8 9
Rates Your interest rate is perhaps the most important factor of your loan and can often decide whether or not you will be happy with your loan in the long run. Current interest rates are widely considered to be remarkably low and locking in a low interest rate can save you money. 1 2 3 4 5 6 7 8 9
Mortgage Calc Whether you want a loan to buy a new home or to refinance your current mortgage, a mortgage calc can help you decide what kind of loan is worthwhile and what cost you too much in the end. A mortgage calc can show you the difference a shorter term, a slightly lower rate, or an occasional extra payment can make on your loan and your finances. Use our mortgage calc to find out more or fill out our free short form to contact up to four lenders about finding a new mortgage or refinancing your existing loan. 1 2 3 4 5 6 7 8 9
Mortgage Refiancing Also, homeowners with an adjustable rate mortgage can use refinancing as an opportunity to switch to a fixed rate. If you are uncomfortable with the risk of an adjustable rate and want to get a loan with a fixed rate while interest rates are low, refinancing your mortgage now would give you a great opportunity to do so. 1 2 3 4 5 6 7 8 9
Refinancing Your Home Refinancing your home loan can often be a terrific way to lower monthly payments and tap into valuable home equity in order to fund home improvement. Apply online today to contact up to four lenders about refinancing. 1 2 3 4 5 6
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