Friday, December 23, 2016

3 Things You Need To Know Before You Refinance.


A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance.

refinance your home, but here are 3 things you need to know before you refinance your home.

A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance. here are 3 things you need to know before you refinance your home.

Rates have escalated a bit after the election like I said on my "Mortgage Rates Are Disgusting Right Now," article but their are over 200 million homeowners who could save over $200 a month if they refinanced even during these times.


There are many reasons to refinance your property and these are 3 things you should know before you refinance the property

here are 3 things you need to know before you refinance your home.

A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance.

refinance your home, but here are 3 things you need to know before you refinance your home.

A refi could cancel your PMI (Private Mortgage Insurance)

If you’re currently paying for private mortgage insurance (PMI) on your loan but have gained a substantial amount of equity in your home, refinancing could enable you to cancel your mortgage insurance.
Your loan balance must be 80 percent or less of your home’s appraised value in order for this to work, which is in the guidelines of conventional and FHA loans.
If your first mortgage is 80 percent or less of your home’s value when it’s appraised for the refinance, your new loan wouldn’t require PMI, and this new loan would replace the loan with PMI, thus cancelling your PMI obligations.here are 3 things you need to know before you refinance your home.

here are 3 things you need to know before you refinance your home.

A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance. - Jon Arpon

refinance your home, but here are 3 things you need to know before you refinance your home.

here are 3 things you need to know before you refinance your home.

You’re rewinding the clock on your loan

When you refinance, you’re effectively resetting the life of your home loan. So if you’ve had your loan for many years, you’ve reached a point in your loan where most of your monthly payment is going to paying the loan down (rather than paying interest). Refinancing the loan will change this dynamic, so most of your payment is going to interest rather than paying your loan down.
You can email me at Jarpon@mortgagebankerpro.com to do a side-by-side loan amortization comparison so you can see how fast you’ll pay off your existing loan versus a new loan. Also ask them to show you how much faster you’d pay off the new loan if you took the savings from a refinance and applied it as an extra monthly pay-down on the new loan.

your home.

- Read "Refinancing in Los Angeles or Orange County?."


A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance. by Jon Arpon

refinance your home, but here are 3 things you need to know before you refinance your home.

Your equity could be a good source of cash
A cash-out refinance lets you take out a new mortgage for more than the amount you owe on your current loan and then pocket the difference — typically up to 80 percent of your loan-to-value ratio. That can be a good move, depending on how you’re planning to spend the money..
If you’re going to use the cash to build an addition to your home that’s going to increase your property’s value, taking a cash-out refinance makes sense. But keep in mind that cash-out refinance rates are slightly higher than rates for non-cash-out refinances.
If you’re going to use the money for discretionary spending, such as a vacation, think twice. It’s not advisable to use cash out proceeds for discretionary spending, although lenders don’t prohibit you from doing this because they are charging you interest for that vacation.

- Read "5 Myths of a Reverse Mortgage."

here are 3 things you need to know before you refinance your home.

When it all all boils down to it, you're the one who has to weigh the choice of leaving your mortgage as is, or refinancing your home doing cash out or just lowering your monthly payment. If you have any questions or concerns my contact information is on the bottom and feel free to call or email me anytime.

- Click here to download my app on the Google Play Store





A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance.

refinance your home, but here are 3 things you need to know


Jon Arpon "Orange Countys Premier Mortgage Banker."
Reverse Mortgage Professional / Mortgage Banker NMLS 1447861, Company NMLS 7147
2030 Main Street, Suite 350, Irvine, CA 92614
Direct: 949.441.2048
Fax: 888.537.6148
Email: jarpon@americansenior.com

here are 3 things you need to know before you refinance your home.

3 comments :

  1. 3 Things You Need To Know Before You Refinance.

    www.mortgagebankerpro.com

    ReplyDelete
  2. Wisconsin Mortgage Corporation has been providing quality home loans across Wisconsin.Meet our loan officers. Please choose the loan officer that you were referred to view their personal page and apply online.Wisconsin First time home buyer Each loan officer's page includes the following services.

    ReplyDelete
  3. Wisconsin Mortgage Corporation has been providing quality home loans across Wisconsin.Meet our loan officers. Please choose the loan officer that you were referred to view their personal page and apply online.Wisconsin no money down home loansEach loan officer's page includes the following services.

    ReplyDelete