Q&A for Mortgage Financing
What are some changes in your personal situation which might mean refinancing is a step to seriously consider?
- Your credit history has improved. The best mortgage rates and loan terms are typically reserved for borrowers with the best credit scores. If your credit score is much better than it was when you first got your home loan, it’s possible that you can now get approval for a mortgage with a more favorable rate. Contact us and one of our mortgage professionals will assist you.
- Your income has increased, or your other debts have been paid off. If your income has recently increased or your non-mortgage debt–such as student loans, car loans, and credit card balances have decreased, you may qualify for a lower interest rate and lower mortgage term for your mortgage. Contact us and one of our mortgage professionals will walk you through the process.
- Your home’s value has risen. It is always a good idea to know your homes current value. Every home is different, and a mortgage professional can help you evaluate opportunities that may be created by changing home values. If the value of your home has increased recently and you have greater home equity, you might consider refinancing your home to consolidate debt or make needed home improvements. Contact us and one of our mortgage professionals will review the current value of your home.
- You decide you want the stability of a fixed-rate loan. Many homeowners selected adjustable-rate mortgages (ARM) or interest-only (I/O) loans in recent years. Refinancing a mortgage to a traditional fixed-rate can provide stability. Contact us and one of our mortgage professionals will guide you through your refinancing options.
Before you refinance, contact us and one of our mortgage professionals will guide you through the true costs of refinancing. Our mortgage professionals will help you choose a refinancing option that works for you.