Loan amounts:
Property types:
Employment:
Circumstances:
Credit:
Income: |
Up to $20 million
Primary residences, Second homes, Rentals
Independent contractor, Self employed, Retirees
Divorce, Bankruptcy, Foreclosure OK
Perfect credit to Imperfect credit history
Stated income, No income documentation
Borrow up to 125% of your home's
value |
Fixed Rate Loans
(10,15,20,30 years) Ideal for those who
plan on staying in their home a fixed number of years.
Benefit: Stability of fixed
principal and interest payments for the life of the
loan.
Fixed ARMs
(Interest rate fixed for 3,5,7,10 years) Ideal for those
planning to move or refinance within 10 years.
Benefit: Lower rates,
monthly payment, and the ability to purchase a larger
home.
Interest Only
(Pay only interest for the first 5 or 10
years) Ideal for those that want the lowest payment
possible.
Benefit: Maximizes monthly
cash flow to pay off debt, invest, or to improve your
home.
Pick your Payment
(4 payment options: minimum, interest
only, 15 year, 30 year) Ideal for those who are
investors, have varying income, or want to use savings
for other purposes.
Benefit: You (not the bank)
control how much you pay each month.
Top Five Reasons Why People Refinance
Decrease your monthly payment
If rates have dropped since you purchased your home,
or if you choose a lower-rate adjustable mortgage,
refinancing will lower your monthly payment, allowing
you to save, spend or invest more money each month.
Get cash out of your equity
Once you have built up enough equity in your house, a
"cash-out" refinance can give you a large sum of money
to invest or to use for a vacation, college tuition,
home improvements or a major purchase.
Fix your rate and end rate adjustment
anxiety
If you have an adjustable rate mortgage and worry
about your interest rates and payments increasing, a
refinance could move you into a fixed rate loan, giving
you predictable fixed payments until your loan is
repaid. Or, if rates have dropped since you financed
your home, refinancing into a fixed-rate loan would
guarantee you low rates and payments for the remaining
life of your loan.
Consolidate debt
Refinancing can help you regain control of your
personal debt. In the process of refinancing, you may be
able to pay off other debts and consolidate all your
debt into one mortgage loan, thereby significantly
decreasing your interest on credit card debt. You may
also be able to take a tax advantage on more interest by
consolidating your debts into a mortgage.
Get out of debt sooner
You may be able to refinance your current loan to a
shorter term or a bi-weekly payment plan without
significantly raising your payment, particularly if
rates were high when you bought your home. The advantage
here is that you could save thousands of dollars in
interest and own your home many years earlier than you
would otherwise.
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