Is it a good idea to
refinance my home?
You may be tired of making one mortgage payment for your
first mortgage, and another payment for your second
mortgage. Perhaps it's time to reduce your current
interest rate to a lower fixed or adjustable rate, or
maybe you have an adjustable rate that you want to
convert into a fixed rate mortgage. You may want to cash
out some of your equity, or lower your overall mortgage
payment. Refinancing may also allow you to get rid of
private mortgage insurance (PMI) if you now have 20%
equity in your home.
Can I refinance for no cost or low cost?
Absolutely. With the wide variety of loan programs
available at our sponsors, you may very well be able to
refinance your existing loan at no cost or minimal cost
to you. You will see immediate savings, and you won't
have to sacrifice your bank account or equity to get a
great rate. Many people have taken advantage of our no
cost refinance programs. Why shouldn't you be one of
them? Ask one of our experienced loan specialists about
our flexible financing options.
Is it worth refinancing if I only see a small
change in my current rate?
A lower interest rate will save you money if you plan to
stay in your home for more than a few years. You can use
our mortgage
calculator to see how much you will save by
refinancing. However, even if you don't pick a lower
interest rate, refinancing can still save you money by
allowing you to roll in higher interest debt, or giving
you the flexibility of and interest-only option.
Can I eliminate PMI by refinancing?
If you meet two specific conditions, you may be able to
remove mortgage insurance by refinancing your new home.
You can qualify if you have made your mortgage payments
on time every month for a specific time (usually a
year), and you have reached a point of having 20% equity
in your home, either through appreciation or paying down
your mortgage. |
