Refinance

Refinance  

Good time to get a loan on a home is when you have equity on it. Homeowners usually have various reasons for considering a Refinance on their home loan. They are:

• Take some cash out of their equity for home improvement, payoff other debts, education or even buy a 2nd home. Whatever the reason, normally you can get up to 97.5% of the value of your home less what you owe on it.
• Lower the monthly payment. If you have a mortgage at higher than today’s mortgage rates, usually you can refinance and easily offset any cost with monthly payment savings.
• Get out of a Adjustable rate loan into a fixed rate loan. If you have a home mortgage that has an adjustable rate then you should plan to see the monthly payment go up over time. Sometimes, the payment can go up hundreds a month. As the economy improves, expect “payment shock” coming on adjustable mortgages.

Often, as people work through their careers and continue to make more money they are able to pay all their bills on time and thus increase their credit score. With this increase in credit comes the ability to procure loans at lower rates, and therefore many people refinance with their mortgage companies for this reason.

Getting a loan had process but it is relatively easy. Provide the necessary documents and get an appraisal that will determine the current value of your home. When you apply online.

The ideal situation and the best rate are the ones that do not exceed 80%. However, you can go up to 97.5% with an FHA home loan.

FHA is not an actual lender. But they insure the loan payments will be made to your lender even if there is a charge for the FHA insurance. Sometimes, this is offset my a reduced interest rate the lender will give you because the loan is insured. Refinance.

Charles ( nmls# 96665) is employed by an FDIC Bank and does Mortgages to Homeowners in all 50 States thru the Bank. UMS PROS does not do Conventional Mortgages. Please contact Charles for Home Loans info at: charles@umspros.com.