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When Is It Time To Refinance?

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There are times when it makes sense to refinance your mortgage. It’s important to have a clear financial objective in mind so that you’re more able to choose the most appropriate loan. Ultimately, the decision is up to you to decide when it’s best for you to refinance, based on your
individual financial situation.

                                               Lower Your Monthly Mortgage Payment

A drop of just one half to three quarters of a percentage point in interest can lower your monthly payment. If you don't refinance, you may be paying too much every month for your loan, and that's never a good financial move. There are a few different ways you can lower your monthly mortgage payment.

First, you can simply refinance to a lower interest rate. A lower rate generally means a lower monthly payment.

Second, you can change the term of your mortgage. For instance, if you have a 15-year mortgage, you can lengthen the term to 30 years. Since the balance of your mortgage is spread out over a longer period of time, your payment is lower. However, if you have a 30-year mortgage and one of your financial goals is long-term savings, you may want to consider shortening your term to 20 or even 15 years. Your payment will be higher, but you will pay much less in interest over the life of the loan, saving you thousands of dollars in the long run.

The third way to lower your payment is to refinance to an interest-only loan. Basically, with an interest-only loan, the minimum amount you are required to pay is the amount of interest for a certain period of time, though you can pay as much principal as you like. But you get the flexibility to pay less if you need or want to divert your money elsewhere, such as contributing to your 401k or saving for your child’s college tuition.

Can I refinance if I have bad credit?

Having bad credit can seriously affect you financially and make it difficult to get a home loan. But a good mortgage banker can help you figure out how to improve your situation and get you back on the road to better credit.

Consolidate Your Debt and Regain Control of Your Life

• Consolidate your bills into one low monthly payment with a bad credit home loan.
• Get a lower interest rate than your credit cards; make it easier to pay off your debts.

Best Consolidation Loan for Borrowers with Bad Credit

• We have many loan programs designed specifically for people who have less–than–perfect credit (or bad credit) due to late payments, delinquencies, past bankruptcies or past foreclosures.

Improve Your Credit Score, Get a Better Home Loan

• Once your credit improves, you can refinance out of your bad credit home loan any time with absolutely no pre–payment penalties. With a better credit score, you'll qualify for a home loan with better options, lower interest rates and lower payments.

We make it easy

• Save time. No long forms to fill out.
• Expert Advice. We find the right loan for you.
• Fast. Get approved in minutes and close your loan in weeks.
• Convenient. Closings that come to you.

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