Let us help you with your next Refinance
If you are considering a rate term refinance and you have equity in your home, most of the time this will allow us to avoid an appraisal altogether and close your loan very quickly.
Savings vs Closing costs
1.) When ever we look at a refinance we do a break even analysis to determine how long before the loan pays for itself. Not even considering the month without a payment and your old escrow money back we will divide the monthly payment into the closing costs. This number should be anywhere from 12 months to 48 months.
2.) Whenever we look at a new loan we create an amortization schedule of the old loan and an amortization schedule of the new loan. This will show the power of interest and the huge amount of accumulated interest you save over time.
Here is an older video about refinancing but the same analysis holds true today
Cash Out Refinances– A Cash Out Refinance mortgage is where we pull equity from your home toeither do a home improvement or consolidate debts. Quite often younger borrowers who are still improving in their work situation but have the demands of life will rely on a cash out refinance to wipe away credit card debt or perhaps pay for a new A/C.
Refinancing a spouse off a deed– About 10% of all refinances are when couples divorce and one spouse retains the home and the other is moving out. We will do the loan with only one borrower on the loan. If the couples are already divorced then most likely the court decree will allow up to one year for the spouse remaining to do this. If the couple is still married the spouse leaving will have to acknowledge the transaction by signing the mortgage but he or she will not be on the deed which is the obligation to the lender.
Delayed Financing– Delayed Financing is a cash out loan mortgage that is becoming more popular these days. Some homeowners, if they are able, will pay cash for the home and get a loan on the house after they move in. We will need to show source of funds on how you purchased the home, just like a purchase but the pricing is considered a cash out refinance.