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From monthly archives: August 2019

We are pleased to present below all posts archived in 'August 2019'. If you still can't find what you are looking for, try using the search box.

Refinancing 101

  What is it? Mortgage refinancing generally refers to the process of taking out a new home mortgage loan and using some or all of the proceeds to pay off an existing mortgage (or mortgages) on the property. No-cash-out refinancing occurs when the amount of your new loan doesn't exceed your current mortgage debt (plus points and closing costs). With this type of refinancing, you may be able to borrow as much as 95 percent of your home's appraised value. A cash-out refinancing occurs when you borrow more than you owe on your existing mortgage, allowing you to use the excess cash in any way you see fit (e.g., remodeling project, pay off high-interest debt). In this case, you are generally limited to borrowing no more than 75 to 80 percent of the appraised value of your property.   Why refinance? You've heard about the record-low interest rates. Now you're wondering whether you should throw your hat into the ring and refinance.  Here are a few reasons why ...

What Refinancing Means to A Homeowner

Typically, when interest rates drop significantly, there’s a lot of ‘buzz’ about refinancing and lowering your monthly payment. If you’re new to homeownership or a homeowner that’s been in their current mortgage for some time, you may have some questions regarding refinancing and what it means. For starters, refinancing is simply the process of financing something again. Often, this is a new loan at a lower interest rate. The decision to refinance your mortgage should be carefully considered based on your short and long-term goals. What’s more, you should always consult a qualified Home Loan Advisor to discuss your options as well as any costs associated with refinancing your home. Why Would A Homeowner Refinance their Mortgage? Quite simply, a refinance is intended to save you money. The interest rate of your mortgage loan impacts your monthly payment, so a lower interest rate means a lower payment. Plus, it reduces the overall amount to finance your home over ...



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