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refinancing |
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Best
Choice Mortgages has many diverse programs for first time home
buyers. |
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Mortgage refinancing
is the process of taking out a new mortgage (often because the interest
rate of the new mortgage is lower) at an amount that is equal to or
exceeds the existing balance on your current mortgage. The new
mortgage will allow you to pay-off
the original mortgage and possibly receive additional cash for other
personal use.
With the lower interest rate comes smaller monthly payments and extra cash
in your pocket each month. That's what makes mortgage refinancing so attractive
to home owners. By refinancing your current mortgage you could... |
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Save money ! Refinance
your current mortgage for a lower interest rate.
Mortgage rates are at an all-time low. Now is the time to take
advantage. Consider the interest rate you are now paying and
compare it against the current interest rate to see how much you would
save by mortgage refinancing. Use our free
mortgage calculator to
determine what your new monthly payments could be. |
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Consolidate !
Roll your first and second mortgage into 1 loan, 1 payment and 1
interest rate. Or, if you have several outstanding bills, you may
want to consider mortgage refinancing your home and in turn, consolidating
and paying off your other debts with a lower interest rate.
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Cash Out !
Let the equity in your home be your bank. Borrow from yourself to
pay off debt or make home improvements. If you have equity in your
home, you will be able to access that equity through a "cash out"
refinance. You could choose to apply that equity to a debt
consolidation plan, a new car, home improvements, college tuition, or a
dream vacation. |
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For example, if you bought your home
for $130,000 and it now appraises
at $150,000, 80 percent of that total would be $120,000. If your
remaining unpaid mortgage is $80,000, the result would be $40,000 of
available equity. (Note: We have lenders that offer lines of credit at 90
or 100 percent of your home's loan-to-value (LTV) ratio.)
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Change your term !
Turn your existing 30 year mortgage into a
20 or 15 year term. Lowering your term
will make your mortgage payments somewhat
higher than a longer-term loan, but you pay
substantially less interest over the life of
the loan and build equity more quickly.
Get rid of any balloon payments or change
from a variable ARM (adjustable rate
mortgage) loan to a fixed rate loan which
may appear on your current mortgage.
If you plan on staying in your home for a
long period of time (more than 2 years),
refinancing could be an excellent way to
reduce your monthly payments. Or, if
you are planning on moving into a new home
while retaining the old home as a rental
property, refinancing is a solid plan.
You can lower your monthly mortgage payment
and in turn, increase your rental income.
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Even if you have already refinanced your
mortgage, come to us. We can help you. Now, you can payoff
your mortgage loans faster without making double payments. |
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This website in no way guarantees or promises an acceptance into
any loan program. |
