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Our fast, simple, secure form matches you and your loan needs with different lenders... More
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Calculate the monthly payment for a particular mortgage loan... More
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Learn what rates are offered for different programs... More
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Mortgage industry glossary of terms will help you understand mortgage terminology... Open
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To assist you in your mortgage process, we have provided a mortgage application for you to download and print... More
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LowestRatesLending is an independent mortgage banker who can place mortgages from a variety of lending sources. We pride ourselves on our honest, personal and professional service where we confirm all the
costs and fees upfront... More
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If you have been living in your home for a while, it might be the right time to
consider refinancing your mortgage. There are many good reasons to consider
refinancing, including lowering your interest rate, consolidating your bills,
shortening your loan term, switching from an adjustable to a fixed rate or
taking advantage of your home's equity. |
Generally, if your closing expenses can be recovered within the first 30 months of
the new loan, refinancing is probably a good idea. |
There are several advantages to reducing the term of your existing loan.
Although you may experience slightly higher monthly payments, a
loan term reduction often translates into a significant reduction in
interest costs, as well as a more rapid build-up of equity. |
You may have an
adjustable rate mortgage (ARM)
you're not entirely satisfied with. Maybe the rate is higher than you like,
or the potential for rate increases looms ahead.
If you plan on staying in your home at least five years,
now might be an excellent time to switch to the payment security of a
fixed-rate loan. Or, if you plan on moving in less than three years,
consider refinancing to a new ARM to take advantage of the low starting
rates that may be available. Even if the new ARM's rate rises at the first
adjustment interval, the starting rate may be low enough to offset any
increased payment costs. |
If you are carrying a first and second mortgage on your home,
and want to combine the two loans into one favorable rate, refinancing might be for you. |
Many borrowers have built up significant home equity over the years through
appreciation and If you have been living in your home for a while, it might
be the right time to consider refinancing your mortgage.
There are many good reasons to consider refinancing, including
lowering your interest rate, consolidating your bills, shortening your
loan term, switching from an adjustable to a fixed rate or taking
advantage of your home's equity. |
If you have a balloon mortgage with a lump sum payment
due in the near future, consider refinancing if you are
comfortable with the current rate environment. |
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If you are thinking about refinancing, but aren't sure whether it
will really save you money, it may well be worth a visit to your
mortgage professional who can help you calculate how much your new
monthly payments will be, as well as the cost of refinancing. |
When refinancing your home, lenders will need many of the same
documents you supplied for your first closing. A new credit check, survey,
title search and insurance, an appraisal, and an inspection are usually
required. Depending on the loan program you select, you may also be
charged loan origination fees and, perhaps, points.
As mortgage interest rates begin to drop, many homeowners' thoughts turn
to refinancing. And with good reason! When your existing loan is
replaced with one that has a lower rate, you benefit from
lower monthly payments. |
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