Posts Tagged ‘refinance’


4 Ways to Take Advantage of the Current Real Estate Market

Monday, January 22nd, 2018

Neighborhood

It’s no secret that housing inventory has been low the past year, causing buyer competition and rising home prices/values. Many homeowners don’t realize they may be able to leverage the current market, even if they don’t plan to purchase a new home anytime soon. The mix of rising home values and low interest rates may offer you an opportunity to leverage your home’s equity to:

Refinance and Consolidate Debt – Extracting equity from your home to pay off auto loans, school loans, credit cards, and other debts allows you to roll these debts into one mortgage payment. This can often be beneficial if you are paying high interest rates on your non-mortgage related debts.

Remodel – Today, there are several great loan programs that allow you to finance home renovations, repairs, and updates into your home loan. This can be a great option for homeowners that want to stay in their current home, and utilize their home’s equity to make needed updates.

Eliminate Mortgage Insurance – With the growing home values we have seen the past few years, many borrowers are opting to refinance and eliminate their mortgage insurance. This has the potential to save you a lot of money every month on your mortgage payment.

Refinance into a Shorter-term Loan – Shorter-term home loans, such as 15 and 20-year loans typically offer lower interest rates. Today’s low rates make it a great time to consider refinancing into these shorter-term home loans, as they allow you to pay down your home loan faster and spend less money on interest each month.

If you’re interested in learning more and would like to compare your current home loan to one of these options, please contact us today.


Federal Reserve Raises Benchmark Interest Rate for Third Time in 2017

Monday, December 18th, 2017

Federal Reserve Raises Benchmark Interest Rate

On December 13th, the Federal Reserve once again raised its benchmark short-term interest rate by 0.25%. This was the third rate increase by the Federal Reserve in 2017. With a positive economic outlook for this coming year, the Federal Reserve anticipates further increasing the benchmark interest rate another three times in 2018.1

So, what does that mean for mortgages? If you currently have a fixed-rate home loan, not much. The biggest impact will come for borrowers with adjustable-rate mortgages and Home Equity Lines of Credit (HELOCs), as they will likely see their mortgage interest rate increase the next time their rate is set to adjust.

In addition, those looking for a new home loan in the future – whether fixed or adjustable rate – may see higher interest rates than what we have been currently enjoying. While the Federal Reserve’s rate increases only indirectly impact fixed-rate mortgages, historically they follow the momentum of the Federal Reserve’s benchmark rate. So, it’s anticipated that as the Federal Reserve increases the benchmark rate, mortgages will continue on an upward trend as well.

1Source: USAToday.com (Published 12-13-17) https://www.usatoday.com/story/money/economy/2017/12/13/federal-reserve-december-decision-janet-yellen-interest-rates/946193001/


Purchase and Refinance Home Loans with No Appraisal Required!

Thursday, November 16th, 2017

No Appraisal Required - Purchase or Refinance

Borrowers may now be able to purchase or refinance a home using conventional financing with no appraisal required. This can potentially save you money and time on your next home loan!

  • One-unit properties – Single-family homes and condos
  • Loan must receive approval from Fannie Mae or Freddie Mac’s automated underwriting system to be considered for the appraisal waiver1
  • Purchase – Primary residence and second homes with a down payment of 20% or more2
  • Limited Cash-out Refinance – Up to 90% loan-to-value with Fannie Mae and 80% loan-to-value with Freddie Mac2

1Restrictions apply. Appraisal waivers are offered at the discretion of Fannie Mae and Freddie Mac and not all loans may qualify. To be considered for the appraisal waiver, a prior appraisal must already exist in their database for the same property and borrower. 2If an appraisal waiver has been offered to the borrower, the borrower may still choose to obtain an appraisal. If the borrower has chosen to obtain an appraisal, once it has been ordered, the appraisal must be used on the loan and the borrower cannot revert back to accepting the appraisal waiver.


Refinance and Pay Off Your Student Loans

Friday, April 28th, 2017

Refinance and Pay Off Your Student Loans

With home values on the rise you may be able to refinance and use your home’s equity to pay off one or more student loans.

Best of all, loan fees associated with a Student Loan Payoff Refinance are lower than a typical cash-out refinance, when all program requirements have been met.

Contact us TODAY to take advantage of a Student Loan Payoff Refinance and:
  • Pay off one or more student loans with your home’s equity*
  • Reduce your monthly debt payments

This is not a commitment to lend. Loan approval subject to program eligibility and lender underwriting guidelines. *Restrictions apply. Borrower must be personally responsible for the student loan(s) being paid off and student loan(s) must be paid in full. Partial payments of student loan debt are not permitted.


Have you refinanced? Act now before rates increase further!

Wednesday, January 6th, 2016

Refinance and feel like a financial genius

On December 16th the FED raised interest rates by 0.25%. This is the first of several FED interest rate increases we anticipate going forward.

If you’ve been thinking about refinancing your home loan, now’s the time to act. Just a 1% increase in interest rate can mean a substantial difference in monthly savings for you.

Refinance Example

That’s a monthly savings of $180, big ones , Benjamins , bones , clams , (you get the idea).

Even if you are not currently looking to refinance, you may know someone who is. Share this information with them.

Now’s the time to act – refinance and feel like a financial genius!

*Interest rates and annual percentage rates (APRs) quoted are based on a FICO score of 740 and were available on 12-23-15. Interest rates are subject to change without notice. Payments are estimates only and do not include taxes and insurance which will make the actual payment obligation higher. Payments are based on a $300,000, 30-year conventional loan at 75% loan-to-value (LTV). This is not a commitment to lend. Not all borrowers will qualify.


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