Refinance Options To Consolidate Debt or Lower Your Interest Rate
Need money back or need to lower your payment? Let us help you with your mortgage refinancing. We can help you decide if refinancing a home is the right step for you at this time. If yes, we can then offer you a variety of options to meet your specific needs and circumstances.
Whether or not refinancing your home loan at this time depends on the following factors:
What is the purpose of the refinancing? Are you taking cash out? Shortening the term? Lowering your interest rate
What are the refinancing costs
How long do you plan to keep the home
What is the refinance interest rate compared to my current rate
How long will it take to recover the cost of refinancing
Will my income support the refinanced loan amount
For every $100,000 of your loan balance, a one percent difference in interest rate is equal to $1,000 per year. If you have a loan balance of $300,000 and the interest rate difference is 1.5%, your annual savings from a refinance would be $4,500 or in monthly terms, $375 per month!
During our initial visit, we can also discuss affordable refinance programs, refinance interest rates and the HARP refinance program (if this applies to you). Home refinance rates are still at historically low levels.
To refinance your home loan, there are basically three steps that you will take:
Assess: With your lender, assess if refinancing your mortgage is the right decision for you at this time. Then assess which program is best for you.
Apply: Complete the mortgage application. Gather together the documents required by your lender and his underwriters. Submit them to your lender.
Appraise: Your lender may require an appraisal of your home to ensure that it will cover the amount of the home loan. He will arrange this for you.
Once the mortgage application has been approved and the appraisal has been accepted, your lender will schedule a closing date. On the date of closing, you will sign new mortgage documents. Shortly thereafter, the existing mortgage will be paid-off and retired and payments on your new mortgage will begin.
To start your refinance loan application and get approved, Click Here
If you have any questions, do not hesitate to call or text us at 480-452-5282
Monday - Saturday - 8:00am - 8:00pm
Sorry, Sunday is family funday :)
The Miller Team