financial key

Refinancing Your Mortgage

What good is a great rate if you don’t get the loan or you get the wrong mortgage loan?

Refinancing Your Mortgage:

Mortgage Interest Rates 

If you only shop for the lowest interest rate you might get it, but it usually comes with poor services, lack of communication and sometimes higher closing cost.

Mortgage Terms

The most common mortgage terms are a 30, 15 or 10 year fixed rate. The most common adjustable rate mortgages have a 30 year term with interest rate adjustments every 1, 3, 5, 7, or 10 years.

Fixed Rates – Are guaranteed interest rates for the life of the mortgage.

Adjustable Rates – Are mortgages fixed only for a set time then they adjust to the current market based upon the direction of interest rates the rate could go up, down or remain the same.

Closing cost – Are the fees that the borrower is charged by the mortgage lender to process, underwrite and secure the mortgage financing and are paid at the closing.

Rate & Term Refinance – Most commonly used to replace a mortgage with a new mortgage that has a lower rate or short term.

Cash Out Refinance – Used buy a home owner to pull equity out of their home by increasing the outstanding mortgage with a new first mortgage.

No Points No Closing Cost Refinance – The lender builds the closing cost into the interest rate that the borrower receives and is not charged any fees to secure the new mortgage at closing.

 

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