| Refinance
Questions |
| 1. |
Why should I refinance my current mortgage? |
| 2. |
What
factors should I evaluate when considering refinancing? |
| 3. |
Can
I take cash out of my house when I refinance? |
| |
|
| 1.
|
Why
should I refinance my current mortgage?
There are a number of reasons you may want
to consider refinancing your current mortgage.
A. Lower your interest rate, thus lowering your monthly
payment.
B.
Maximize your cash flow with lower payments for a longer
term.
C.
Convert an adjustable rate mortgage to a fixed rate
mortgage.
D.
Pull cash out of the equity in your house to use for
other things, such as paying off debt, home improvements,
college education, etc.
E.
Consult your loan officer to see if refinancing is right
for you. |
| |
|
| 2.
|
What
factors should I evaluate when considering refinancing?
Consider the following factors when making your decision:
A.
What is the difference between your current rate and
the new rate?
B. How long do you plan to be in the home?
C.
What are the costs associated with the refinance?
D.
What is your break-even point for the refinance?
E.
Do you feel comfortable with the new payment?
F.
Do you need to pull out equity from your house?
G.
These are just some of the questions you should ask
yourself. Your loan officer can help you decide if
refinancing is right for you.
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| 3.
|
Can
I take cash out of my house when I refinance?
Yes. There are limitations on the amount of cash you
can take out but some programs allow cash out with
loans totaling as high as high 95% of the total value
of your home. We also have a Home Equity Line of Credit
available that will allow you to have a credit line
available up to 95% of the value of your home that
you can draw on at any time. Your loan officer can
give you details on the various options available
to you.
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