Refinance
CONFUSED AND WONDERING WHETHER OR NOT TO REFINANCE?
HERE ARE SOME FACTS YOU MAY NOT KNOW
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Interest and closing cost are tax deductible.
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By refinancing your mortgage you may be able to get rid of Private Mortgage Insurance (PMI) – If you have enough equity you may not be required to have PMI any longer when you refinance.
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You can save a ton of money if you can drop your interest rate by 1% or more – Example: Changing your rate from 6% to 5% on a 30 yr. Mortgage will not only lower your monthy payment by $63, but you will also save up to $22K in interest on a $100K mortgage.
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Refinancing your mortgage from 30 years to 15 years can save you up to $70K in interest. Example: Changing a $100, 000 30 yr. Mortgage to a 15 yr. Mortgage and reducing your interest rate from a 5.75% to a 4.75% will result in a $70K savings.
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You may qualify for a “Streamline” Refinance if you currenlty have an FHA or VA mortgage. Most ofentimes, appraisals are not required, nor is it necessary to verify your income and/or assets.
INTERESTED IN SAVING MONEY BUT YOU DON’T QUALIFY TO REFINACE NOW?
YOU CAN STILL SAVE NO MATTER WHAT YOUR SITUATION IS. PERHAPS YOU DON’T HAVE ENOUGH EQUITY, OR MAYBE YOUR CREDIT ISN’T AS CLEAN AS IT NEEDS TO BE TO GET A BETTER RATE! DON’T FRET - YOU CAN STILL SAVE MONEY.
- Making one extra principal and interest payment each year, will pay off your 30 yr. Mortgage in just 23 years. You will save a ton of interest this way.
- You can also pay extra on your principal each month to help reduce your mortgage and pay off your balance more quickly.
CONFUSED ABOUT THE FOLLOWING TERM? CALL US, WE CAN HELP!
Cash-out – Rate and term – LTV – Streamline – Refi Plus – HELOC – Closing costs and pre-paids – UFMIP – PMI – Subordinate financing – 2nd appraisal requirement
For rates or information call 1-814-836-7800 or E-mail Us.
Fax: 1-814-836-4640 or 1-814-836-7810
