What Type of Refinance is Right for Me?
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| TIP!- If you have an FHA loan; effective January 26, 2015, FHA has lowered monthly mortgage insurance rates by .5% coupled with lower interest rates you could save hundreds a month. If you obtained your FHA loan before January of 2015 you should be able to take advange of both Lower MI Rates and Lower Interest Rates!|
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Reasons to Refinance Your Home Loan:
- 1. To Lower Monthly payments:
Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Do you have Mortgage Insurance (MI) you pay monthly? You might now have enough equity built up to drop the MI and lower your payments even without lower your rate that much. . We have many ways to lower your monthly payment. Let us take a free look at your current mortgage statement and we can tell you in a few minutes if a refinance is good for you.
2. No Equity Refinancing (You are underwater on your home loan):
You might owe more than your home is worth, don't be discouraged there are programs to help. The HARP loan is designed to allow homeowners who are underwater on their mortgage to take advantage of the lower interest rates if they have made there house payments on time. FHA has a similar program called a streamline refinance that will allow you to refinance without an appraisal. VA has a similar refinance program called an Interest Rate Reduction Refinance Loan or IRRRL that will allow a veteran to refinance their home without an appraisal as well.
3. Cash-Out for Bill Consolidation or Home Improvement or other needs:
This option is for those who have equity in their home and wish to convert it to pay off bills or Home improvement. In order to be able to convert your equity you will need to equity in excess of 80% of the value of the home after the loan is complete. You can take cash out up to 85% of the value of your home with a FHA Loan, up to 100% with a VA loan.
4. Building Equity Refinancem (Lower your term):
Do you want to build up home equity more quickly, and pay off your mortgage sooner? Consider refinancing with a shorter-term loan, such as a 10, 15-year or 20 year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. If you have had your current 30-year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment -- you may even be able to save! For example, let's say years ago you took out a 50,000.00 USD 30-year mortgage at eight percent. Your payment is about 367.00 USD, exclusive of taxes, insurance and so on. If your balance today is down to $30,000, you might take out a 15-year mortgage at four percent and have an almost identical or lower monthly payment. This is a great option for people whose main goal to build up equity and pay off their home more quickly.FHA lowered the monthly costs of mortgage insurance in January of 2015. If you got a FHA loan prior to January 2015 you are entitled to refinance and lower your Mortgage insurance by .5%. This has the same affect as getting a lower interest rate by .5%. If you combine the lower mortgage insurance rate with a lower interest rate you could be saving hundreds of dollars a month on your mortgage payment. If your house has gone up in value since you last financed it, you might be entitiled to drop your mortgage insurance which could also save hundreds of dollars a month on your payment.
5. Lowering or Dropping your Mortgage Insurance Permantly:
6. Combine some or all of the above Options:
Your refinance may include all or some of the above options. You may choose to refinance your FHA loan to a lower interest rate and a lower term and receive all of the benfits above. Or you may refinance your conventional loan, drop the interest rate, realize you have equity and drop your mortgage insurance, then it may be advantagous to take a lower term thus accomplishing all the above objectives. The only way you will accurately know how to combine or simply see the options will be to call us and we can do an in-depth analysis of your mortgage and your equity position. We have the tools at our finger tips to determine your equity, and your available options.
The Costs to Refinance:
In most cases, we can refinance your home with no out-of-pocket costs. We know that finances are tight, so we design your loan so you do not have to pay for any costs of the refinance out-of-pocket. That said, if you wish to "buy your interest down" or pay points to get a lower rate, you are certainly welcome to do so and we can do the analysis for you for free. This analysis is free and could save you thousands of dollars over the life of your loan. We want your business and this is just one of our customer services we provide to you before you decide.
Types of Refinances:
The different types of Refinance Programs are as follows, but please call us and let us to put the pieces of the puzzle together for you. Click on the highlighted programs for more details:
1. Conventional Loan Standard Refinance
2. Conventional Loan Cash Out Refinance
Call us at
(916) 672-6130 for a Free consultation and let our seasoned Loan Officers help you.
Submit the following information and we will evaluate your current Mortgage and give you options for FREE. Thank You!
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