Mortgage Advice

April 24th, 2013 12:15 PM

Underwater On Your Mortgage Loan in Ohio?


If you are a Ohio home owner that is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down ANY principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket.


HARP, the acronym for Home Affordable Refinance Program, is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.

HARP 2.0 - Help For Ohio Home Owners

The modified HARP program - HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program - is specifically targeted towards Ohio homeowners having a loan-to-value ratio less than 125 percent.

However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Ohio borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.

HARP 2.0 gives Ohio homeowners the ability to refinance at today's low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.

In order to qualify for HARP assistance, the basic eligibility requirements are:

1. Your loan must be backed by Freddie Mac or Fannie Mae

2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.

Unfortunately, Ohio homeowners rarely know who "owns" their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.

You can check "lookup" forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie.

USDA, FHA or Jumbo mortgages are NOT HARP-eligible.


The most noticeable and major changes in the HARP 2.0 program are:

  • Elimination of underwater limits which implies that Ohio borrowers now have the opportunity to refinance regardless of the fallen values of their homes, whereas loan-to-value limits were previously prefixed at 125 percent.
  • Underwriting and appraisals have been eliminated and homeowners need neither appraisals nor their loans underwritten. This makes the refinancing process much faster and smoother.
  • Fees have been modified for shorter-term loans or abolished and the deadline for getting a HARP refinance has now been stretched to Dec. 31st, 2013.


Your Next Step...

Applying For The HARP Program – Making Home Affordable Refinance

Getting approved for a HARP 2.0 refinance involves the following steps:

Step 1: Find out if your mortgage is owned by Fannie or Freddie & Eligible For The HARP Program

Step 2: Print the HARP 2.0 Checklist

Step 3: Submit your HARP Online Application

Step 4: Meet with Dave Miller to go over the final numbers, closing date, etc.

If you have any questions or concerns, please don't hesitate to call my office at 614-610-4245 or email me at davemillerloans@gmail.com . I am here for you!



Posted by Dave Miller on April 24th, 2013 12:15 PMPost a Comment (0)

Mortgage Advice

Refinancing Your Columbus FHA Loan
Just Got a Lot Easier & Cheaper!

Changes to the FHA streamline program for Columbus homeowners have made it far more attractive and simple to reduce interest rates and lower payments, even if you owe more than your home is worth…

What is the FHA Streamline Program?

FHA LoanFHA Streamline refinances enable Columbus homeowners to refinance their current FHA home loans with reduced paperwork and underwriting to take advantage of lower interest rates so that borrowers can save more money, lower their monthly housing payments and in some cases change from an adjustable rate mortgage to a fixed rate mortgage loan or even shorten the term of their loans.

This means less hassle, less paper, faster processing and potentially huge savings over the life of your loan.

There are many advantages for Columbus property owners, including the availability of ‘no-cost’ refinances and even those who didn’t qualify before might qualify now.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.

At least until now…

FHA RefinanceNew changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.

In an effort to assist more Columbus homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.

This new change alone means thousands of dollars in savings for most borrowers.

According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:

Before June 11th, 2012 After June 11th, 2012
Mortgage Premium at Closing $3,500 $20
Monthly MI Premium $208.33 $91.67
Upfront MI Premium Percentage 1.75% 0.01%
Annual MI Premium Percentage 1.25% 0.55%

*Guidelines may change so please check with us to determine the exact savings for your specific situation.


Additional guidelines for FHA streamline refinances state that:

  • NO employment verification is required*
  • NO income verification is required*
  • NO credit score verification is required*

*IMPORTANT: These are FHA guidelines. Lenders may have their own guidelines called overlays, which may require all or some of these guidelines to be met.

Features & Benefits of Columbus FHA Streamline Mortgages

Why choose an FHA Streamline refinance?

In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:

  • Low MI
  • No appraisals required
  • ‘No-cost’ refinancing possible
  • Lower credit scores OK
  • No loan balance increase to cover loan costs
  • Can refinance even if ‘underwater’

Do You Qualify for an FHA Streamline Refinance?

Are you ready to start saving and lower your monthly housing payments so that you can get ahead and have more free cash in your hand each and every month from here on out?

Columbus FHA streamline refinances couldn’t be easier and less stress-free to qualify for, but in order to be eligible for the newest program updates you will need to have:

  • FHA-insured loan was endorsed on or before May 31st,2009
  • Must currently have a FHA loan
  • Not refinanced within the last 6 months
  • Not been more than 30 days late on your mortgage payments in the last 12 months

Note that while FHA itself requires no minimum credit scores or income or employment verification, most lenders do have their own additional criteria for these items.

More About FHA Streamline Eligibility Guidelines...

Find out how much you can save...



Posted by Dave Miller on August 23rd, 2012 6:28 AMPost a Comment (0)


Posted by Dave Miller on February 28th, 2013 12:45 PMPost a Comment (0)

February 21st, 2013 11:46 AM

From The Columbus Board of Realtors (Feb. 21, 2013) - Central Ohio home sales during the first month of 2013 were the highest for January since 2007 just before the housing market began to feel the effects of the economic recession. The 1,374 closings exceeds the previous year by 20.4 percent (1,141) according to the Columbus Board of REATORS®.

“Housing activity was up abnormally high during the traditionally slower months at the end of the year,” said Chris Pedon, President of the Columbus Board of REALTORS®. “So we’re not surprised to see such a jumpin closings last month.”


Home prices hit their lowest in several years during the recession but are well on their way back. The average sale price of a home sold in central Ohio in 2012 was $167,459, which is 7.2 percent higher than in 2011.The average sales price ($149,477) jumped 5.1 percent from January of 2011 and the median sales price ($129,000) was up 5.3 percent.


Posted by Dave Miller on February 21st, 2013 11:46 AMPost a Comment (0)

Underwater On Your Mortgage Loan in Ohio?


If you are a Ohio home owner that is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down ANY principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket.


HARP, the acronym for Home Affordable Refinance Program, is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.

HARP 2.0 - Help For Ohio Home Owners

The modified HARP program - HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program - is specifically targeted towards Ohio homeowners having a loan-to-value ratio less than 125 percent.

However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Ohio borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.

HARP 2.0 gives Ohio homeowners the ability to refinance at today's low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.

In order to qualify for HARP assistance, the basic eligibility requirements are:

1. Your loan must be backed by Freddie Mac or Fannie Mae

2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.

Unfortunately, Ohio homeowners rarely know who "owns" their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.

You can check "lookup" forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie.

USDA, FHA or Jumbo mortgages are NOT HARP-eligible.


The most noticeable and major changes in the HARP 2.0 program are:

  • Elimination of underwater limits which implies that Ohio borrowers now have the opportunity to refinance regardless of the fallen values of their homes, whereas loan-to-value limits were previously prefixed at 125 percent.
  • Underwriting and appraisals have been eliminated and homeowners need neither appraisals nor their loans underwritten. This makes the refinancing process much faster and smoother.
  • Fees have been modified for shorter-term loans or abolished and the deadline for getting a HARP refinance has now been stretched to Dec. 31st, 2013.


Your Next Step...

Applying For The HARP Program – Making Home Affordable Refinance

Getting approved for a HARP 2.0 refinance involves the following steps:

Step 1: Find out if your mortgage is owned by Fannie or Freddie & Eligible For The HARP Program

Step 2: Print the HARP 2.0 Checklist

Step 3: Submit your HARP Online Application

Step 4: Meet with Dave Miller to go over the final numbers, closing date, etc.

If you have any questions or concerns, please don't hesitate to call my office at 614-610-4245 or email me at davemillerloans@gmail.com . I am here for you!



Posted by Dave Miller on January 11th, 2013 6:54 AMPost a Comment (0)

October 24th, 2012 11:11 AM

IRRRL stands for Interest Rate Reduction Refinancing Loan.  You may see it referred to as a "Streamline" or a "VA to VA."  Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate.  When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

No appraisal or credit underwriting package is required by VA.  You should be aware, however, that lenders may require an appraisal and credit report anyway.

A certificate of eligibility is not required.  Your lender may use our e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.

Click here to get a list of VA FAQs.

An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.  (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).

No lender is required to make you an IRRRL, however, any lender of your choice may process your application for an IRRRL.  While it might be the best place to start shopping for an IRRRL, you do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan.

Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs.  Remember - Any lender may make you an IRRRL.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan.  Remember - The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

You must NOT receive any cash from the loan proceeds.

Check out our VA Home Loan Center for answers to all of your VA questions.

 An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance.  It must be a VA to VA refinance, and it will reuse the entitlement you originally used.  You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.  If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.

The occupancy requirement for an IRRRL is different from other VA loans.  When you originally got your VA loan, you certified that you occupied or intended to occupy the home.  For an IRRRL you need only certify that you previously occupied it.

The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points.  You may also add up to $6,000 of energy efficiency improvements into the loan.

NOTE:  Adding all of these items into your loan may result in a situation in which you owe more than the fair market value of the house, and will reduce the benefit of refinancing since your payment will not be lowered as much as it could be.  Also, you could have difficulty selling the house for enough to pay off your loan balance.

Some lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years.  While this can save you a lot of money in interest over the life of the loan, if the reduction in the interest rate is not at least one percent (two percent is better) and lots of new loan costs are rolled into the new loan, you may see a very large increase in your monthly payment.

Beware:  It could be a bigger increase than you can afford

No loan other than the existing VA loan may be paid from the proceeds of an IRRRL.  If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.

Find all VA forms and requirements at out VA Loan Checklist center

 

From: Irrrl Facts for Veterans at http://www.benefits.va.gov/homeloans/irrrl.asp  


Posted by Dave Miller on October 24th, 2012 11:11 AMPost a Comment (0)

In this current real estate environment , don't be afraid of a home that is in rough condition. You can pick out new carpet, get new appliances, put in beautiful kitchen cabinets, upgrade the bathrooms and still only put 3.5% down! Buy it at a low price and fix it up the way you want it.  With our government backed Home Improvement Mortgage you can finance up to $35000  in repairs into your mortgage to improve or upgrade your existing home or make repairs on a rough home you want to buy. That's right, if you find a bank owned house  that needs updated, you can finance those repairs into your mortgage and still have a downpayment of only 3.5%.

To find out more, watch this video.

With this "Fixer Upper" mortgage you can:

*Add a deck or porch     *Replace the furnace   *Remodel the bathroom

* Purchase appliances    *Paint inside and out    *Replace roof 

*New siding all around   *Update kitchen            *Install new windows 

*Refinish floors              *Install carpet              *And much more...

To understand this great mortgage program better, we have put together a report that we offer to you free. Just click on the link below and download it, no cost, no obligation.

Click here for free report on remodeling mortgage.

If you want to find out more or are ready to get started, call Dave at

                                        614-610-4245

 


Posted by Dave Miller on October 4th, 2012 6:36 PMPost a Comment (0)

 

Underwater On Your Mortgage Loan in Ohio?


If you are a Ohio home owner that is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down ANY principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket.


HARP, the acronym for Home Affordable Refinance Program, is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.

HARP 2.0 - Help For Ohio Home Owners

The modified HARP program - HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program - is specifically targeted towards Ohio homeowners having a loan-to-value ratio less than 125 percent.

However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Ohio borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.

HARP 2.0 gives Ohio homeowners the ability to refinance at today's low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.

In order to qualify for HARP assistance, the basic eligibility requirements are:

1. Your loan must be backed by Freddie Mac or Fannie Mae

2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.

Unfortunately, Ohio homeowners rarely know who "owns" their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.

You can check "lookup" forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie. 

Click Here To Check Fannie Mae | Click Here To Check Freddie Mac

Or, you can have us check for you:

USDA, FHA or Jumbo mortgages are NOT HARP-eligible.


The most noticeable and major changes in the HARP 2.0 program are:

  • Elimination of underwater limits which implies that Ohio borrowers now have the opportunity to refinance regardless of the fallen values of their homes, whereas loan-to-value limits were previously prefixed at 125 percent.
     
  • Underwriting and appraisals have been eliminated and homeowners need neither appraisals nor their loans underwritten. This makes the refinancing process much faster and smoother.
     
  • Fees have been modified for shorter-term loans or abolished and the deadline for getting a HARP refinance has now been stretched to Dec. 31st, 2013.


Your Next Step...
 

Applying For The HARP Program – Making Home Affordable Refinance

Getting approved for a HARP 2.0 refinance involves the following steps:

Step 1: Find out if your mortgage is owned by Fannie or Freddie & Eligible For The HARP Program

Step 2: Print the HARP 2.0 Checklist

Step 3: Submit your HARP Online Application

Step 4: Meet with Dave Miller to go over the final numbers, closing date, etc.

If you have any questions or concerns, please don't hesitate to call my office at 614-610-4245 or email me atdavemillerloans@gmail.com . I am here for you!



Posted by Dave Miller on September 10th, 2012 3:41 PMPost a Comment (0)

Refinancing Your Columbus FHA Loan 
Just Got a Lot Easier & Cheaper!

Changes to the FHA streamline program for Columbus homeowners have made it far more attractive and simple to reduce interest rates and lower payments, even if you owe more than your home is worth…

What is the FHA Streamline Program?

FHA LoanFHA Streamline refinances enable Columbus homeowners to refinance their current FHA home loans with reduced paperwork and underwriting to take advantage of lower interest rates so that borrowers can save more moneylower their monthly housing payments and in some cases change from an adjustable rate mortgage to a fixed rate mortgage loan or even shorten the term of their loans.

This means less hassle, less paper, faster processing and potentially huge savings over the life of your loan.

There are many advantages for Columbus property owners, including the availability of ‘no-cost’ refinances and even those who didn’t qualify before might qualify now.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.

At least until now…

FHA RefinanceNew changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.

In an effort to assist more Columbus homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.

This new change alone means thousands of dollars in savings for most borrowers.

According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:

Before June 11th, 2012 After June 11th, 2012
Mortgage Premium at Closing $3,500 $20
Monthly MI Premium $208.33 $91.67
Upfront MI Premium Percentage 1.75% 0.01%
Annual MI Premium Percentage 1.25% 0.55%

*Guidelines may change so please check with us to determine the exact savings for your specific situation. 


Additional guidelines for FHA streamline refinances state that:

  • NO employment verification is required*
  • NO income verification is required*
  • NO credit score verification is required*

*IMPORTANT: These are FHA guidelines. Lenders may have their own guidelines called overlays, which may require all or some of these guidelines to be met.

Features & Benefits of Columbus FHA Streamline Mortgages

Why choose an FHA Streamline refinance?

In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:

  • Low MI
  • No appraisals required
  • ‘No-cost’ refinancing possible
  • Lower credit scores OK
  • No loan balance increase to cover loan costs
  • Can refinance even if ‘underwater’

Do You Qualify for an FHA Streamline Refinance?

Are you ready to start saving and lower your monthly housing payments so that you can get ahead and have more free cash in your hand each and every month from here on out?

Columbus FHA streamline refinances couldn’t be easier and less stress-free to qualify for, but in order to be eligible for the newest program updates you will need to have:

  • FHA-insured loan was endorsed on or before May 31st,2009
  • Must currently have a FHA loan
  • Not refinanced within the last 6 months
  • Not been more than 30 days late on your mortgage payments in the last 12 months

Note that while FHA itself requires no minimum credit scores or income or employment verification, most lenders do have their own additional criteria for these items.

More About FHA Streamline Eligibility Guidelines...

Find out how much you can save...



Posted by Dave Miller on August 23rd, 2012 6:28 AMPost a Comment (0)

March 31st, 2011 10:30 PM
It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.

What if I don't have the money to buy a home right now?

There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.

There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:

How much is tax deductible?

Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.

These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:

Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.

Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.

Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.

If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.

Call me to discuss your specific needs and we'll find the program that's right for you.
We have a variety of low down payment and no down payment programs available


Posted by Dave Miller on March 31st, 2011 10:30 PMPost a Comment (0)

March 23rd, 2011 10:13 PM
There is an old adage in the mortgage business that states that if you can improve your interest rate by at least two percentage points, then it is a good time to refinance. While that may work as a general rule of thumb, the truth is that there are many reasons to refinance. Here are a few:

Lower your interest rate.

Securing a lower interest rate is one of the top reasons for  refinancing. This can make a big difference in your monthly out-of-pocket costs for housing and save money on financing fees.

Build equity faster.

If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program into a 15-or 20-year loan structure. This enables you to build equity faster and save a tremendous amount of money on financing fees.

Change your loan program.

Some homeowners who start out in an Adjustable Rate Mortgage (ARM) find that they would like to switch to the stability of a Fixed ate mortgage at some point. An ARM may have been the most attractive rate and loan package when you first financed your home, but we can provide you with loan comparison charts to find out if you can save money with another type of loan program that might work better for you right now.

Credit score has improved.

If your credit score has improved as a result of making your mortgage payments on time and in full, you may be in a position to take advantage of your improved credit standing. We can review your current credit score, the terms of your existing mortgage, and review options for other loan programs that could not only reduce your monthly payment, but also save you money on interest fees paid over the life of the loan.

Use the equity you have established.

A cash-out refinance allows you to tap into the equity you have built up in your home. You may want to pay off revolving credit card accounts, send a child to college, or use the money for home improvements or personal expenses.

Regardless of your reasons for wanting to refinance your existing mortgage, my team and I are interested in helping you make a decision that works best for you.  We continually monitor rates and alert our clients of interest rate changes in order to inform them of the best time to refinance.

We will also review the terms of your existing mortgage program. It is important to consider whether or not you have a pre-payment penalty written into your existing loan, and what the purpose of the refinance is. It is also important for us to know how long you plan to stay in the home. This helps us to determine whether or not it is beneficial for you to pay points up front to secure a lower interest rate on your new financing. The lender will want to know what the current property value is, how much equity you have built up, and what your current credit score is.

Call me directly for a free consultation. 614-610-4245

 

 


Posted by Dave Miller on March 23rd, 2011 10:13 PMPost a Comment (0)

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