6 Reasons Why You Might Refinance Your Mortgage with AmeriFirst Home Mortgage

http://www.amerifirst.com/refinance-your-mortgage As a homeowner, you may have given a passing thought to refinancing, or maybe it hasn’t even crossed your radar. But, you may be curious to know – it just might be the right time to think about refinancing. Hi, I’m Crystal Smith with AmeriFirst Home Mortgage. Here we will go over 6 reasons why you might consider refinancing your home mortgage loan.
One, you can build equity faster. If you’re able to afford a slightly higher monthly payment … maybe due to a wage increase or some other good fortune, you might want to switch from a 30 year mortgage into a shorter term like a 10, 15 or 20 year loan. This would enable you to build equity faster, pay off the loan quicker and save you a lot of money on financing fees.
Two, you want to take advantage of the equity you’ve already built. A cash-out refinance allows you to tap into the equity you’ve already built up in your home by paying down the loan as the value increases. Maybe you want to pay off some credit card accounts, or send a child to college or possibly make some home improvements with the money. These are things that a cash-out-refi can help with.
Three, you may want to change your loan program. Sometimes a home buyer goes with a loan option only because it was the best option at the time, possibly due to cash on hand or other financial reasons. For instance, you might have gone with an adjustable rate mortgage when you first financed your home but now find you want to switch to the stability of a fixed rate mortgage. Or maybe you chose a low-down-payment option with higher monthly mortgage insurance. A mortgage consultant can assist you as to what loan program best suits your financial needs right now.
Four, your credit score has improved. You’ve been paying your bills on time and in full, so more than likely your credit score has risen. You now might be able to take advantage of a better credit score with other loan options, saving you money on interest fees paid over the life of the loan. Once again a mortgage consultant can help go over your credit score and guide you to the best option.
Five, you want to make some home improvements. Thinking of a new kitchen, adding another bathroom, or new energy efficient windows, or even new carpet and paint? All of these are great ideas, however you’ll need money to pay for the work. Well, you have a couple of refinancing options you can choose from. You could do a cash-out refinance and pay for the work with the cashed-out equity as we discussed earlier. Or you can refinance into the FHA 203k renovation loan to pay for all kinds of home improvements.
And finally, you might be able to lower your interest rate. Securing a lower interest rate is one of the top reasons for refinancing. This can make a big difference in your monthly out of pocket costs for housing and save you money on finance fees.
So, regardless of your reasons for wanting to refinance your existing mortgage, AmeriFirst Home Mortgage is here to help you. Our mortgage consultants can assist you in making a decision that best works FOR YOU. So we can say Welcome Home.
AmeriFirst Home Mortgage 950 Trade Centre Way, Suite 400 Kalamazoo, Michigan 49002
AmeriFirst Home Mortgage is a home buyer’s resource center and community mortgage banker. We focus on educating homeowners and home buyers in the details of the housing market and more.
AmeriFirst Home Mortgage is a division of AmeriFirst Financial NMLS ID 110139 | Equal Housing Lender

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How To Refinance Your Mortgage & Lower Your Interest Rates

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Which Refinance Mortgage Loan Deals Are Easy To Process?

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So you want a finger in that re-finance mortgage. Nevertheless, it’s rapid becoming the talk of the community. The issue is, you’re daunted by the procedure that has it. Now you’re questioning, exactly what are the most convenient bargains to come by so much?

You could desire to think about the list below sorts of refinance home mortgage loan. They are by far the easiest and easiest to process.

Fixed Rate Refinance Home loan

In contrast to the specialized kind of refinance home loan (like adjustable rate home loan), this kind of financing is a lot easier to find by. To receive a flexible rate mortgage, you will have to meet normally greater requirements. You will have to have a higher revenue, far better credit report reports, and also an extra important home equity.

A fixed price mortgage could be just exactly what you need. With this sort of re-finance lending, you deal with a fixed rate of interest for the entire debt term, as opposed to a flexible home mortgage rate of interest where you are subject to the incongruities of the home mortgage market. If the economy is not healthy, then you’ll need to prepare yourself for growing interest rates. So primarily, you obtain peace of mind as well as stability with your taken care of rate mortgage funding as bonus offer.

Closed Refinance Mortgage

An additional type of re-finance mortgage car loan that is simple to receive is the closed re-finance mortgage. Now exactly what is this? It’s the kind of funding wherein you are not permitted to make prepayments or to repay your finance ahead of time. You may wish to do early repayments if you instantly discover on your own with a great deal of added cash money and with the wish to pay out your finance to avoid passion charges. With a closed mortgage, your lending institution will only enable you to do this for a fee.

It’s much simpler to shut this kind of deal, however, in contrast to an open refinance home mortgage. The last permits you to pay without fees, however it’s hard to get them. You will have to have a more welcoming revenue, credit history report, and house equity.

Long Term Refinance Mortgage Lending

An additional re-finance mortgage that is less complicated to certify for is the long-lasting re-finance mortgage. Now exactly what would certainly make for a long-lasting financing? It’s the sort of finance that lasts for 6 years or more. It typically lasts for approximately Ten Years, though there are those that get to till 25 years.

Temporary mortgages are extra helpful because they supply reduced rates. Yet after that once again, they are difficult to find by. Yet once again, you will certainly have to have better revenue, far better debt reports, as well as far better house equity.

Yet the certification procedure could be the least of your concerns. Obtaining a deal closed and obtaining just the appropriate deal are two various points. You might have gotten your refinance home mortgage without much sweat, just to encounter serious issues when you are currently in it. Do not go for a deal just for its expediency. Be extremely inspecting.

Are you trying to find a refinance residence that is simple to process? Then you must consider a Florida re-finance. You must also take an appearance at exactly what The golden state re-finance has to provide. Browse through WhatAboutLoans.com today.

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I simply add money to my home mortgage to settle all my debts?”. There are many factors people intend to refinance their residence and this video clip briefly
discusses just what has to be considered when refinancing your home loan. Discover us Here:. Web site: http://www.centummortgagechoice.com. Facebook: http://facebook.com//centumbrandon.

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