Is it a Good Time for a Mortgage Refinance?
Refinancing your home. Now is the time to lock down interest rates and use your home equity for home improvements or just to get lower interest rates. Whether you are refinancing your first or second mortgage or need an Equity line of credit now is the time to lock down low rates. If you purchased your home at the height of interest rates there is still time to achieve lower mortgage payments with a new home loan.Have one of our Home Loan Experts figure out your approximate payments or fill out our application for a no cost, no obligation offer. Time is of the essence as the interest rates are slowly moving up. Lock in a low rate now. Fill out the form and get the process started. You deserve more cash in your pocket.
Thinking About Refinancing
Are you thinking about refinancing your mortgage? Today’s historically low mortgage rates have made it a great time to take advantage of great pricing and low closing costs. At Cranbrook Loans, we offer a wide variety of fixed and adjustable rate home loan solutions for almost any type of residential property.
Call us today for a free consultation or use the Quote Form and a Home Loan Professional will follow-up with you. You can also apply online now in just a few short steps.
Should I Refinance?
Cranbrook Mortgage offers the easiest way to refinance your mortgage, from the safety of your home. Refinancing your home is a big decision and its best when you are informed before the process. One of our Home Loan Experts can offer the lowest interest rates available and can meet your lending criteria. We provide a critical service and do so in a professional manner.
After receiving approval, it may be necessary to order an appraisal of your home depending on what type of loan you are getting. We will arrange for a licensed, professional appraiser to contact you in order to estimate the market value of your property.
Whatever you choose to do, consulting with our seasoned mortgage professionals, can often save you time and money.
Why Refinance Your Mortgage
There are several reasons to consider refinancing your mortgage with Cranbrook Loans. Some of these include:
- Lowering your monthly payment.
Rates are still near historic lows and a large percentage of current mortgage holders could save money every month with a mortgage refinance. There are even special programs available for homeowners who, due to the fall in housing prices in many markets, have little or no equity in their homes.
- Paying off your home loan in a shorter period of time. With current low refinance rates you may be able to switch your loan term from a 30 year mortgage to a 15 year or shorter mortgage.
- Paying off other higher interest rate debt or using the money for another purpose. A cash out refinance through Cranbrook Loans allows you to extract some of the equity you have in your home for a investment, home improvement, to send a child to college, or something else important to you. If you have high interest credit card or other debt you could save money every month by paying it off and then paying a low mortgage payment instead.
What are points?
By Mortgage Professor
A point represents 1% of the total amount of money borrowed. There are two types of points. Borrowed points are a profit paid to a lender. Discount points are a fee paid in advance to lower the interest rate over the life of a loan. Many people ask, Should I pay points? There is no simple answer to the question, the current market rates, products as well as the borrowers situation must be taken into account. In an attempt to simplify it, compare the additional cost of points say 1 point on a $100,000 loan for a marginal cost of 1,000 for the benefit of buying down the rate an estimated 1/4 point saving $50 per month — In this scenario, It would take 20 months of savings to pay for the cost of buying down the rate. If the borrower was going to live in the home for 20 months or less then buying down the rate is not a good idea, but any time over 21 months would be a savings.
What is the correct mortgage amount for me?
Figure out how much mortgage you can afford and save a lot of time and aggravation. Generally, a lender will want your monthly mortgage payment to total no more than 33% of your monthly gross income. Also you need to consider current interest rates. The lower the interest rate, the more expensive home you’ll be able to afford.First time homebuyers might feel better to know that they’re not the only ones who feel confused about the home buying process. Nearly all home buyers feel the same way, even if they’ve bought a house in the past, because it’s easy to forget the home buying steps you took to get there, once the process is behind you.
Knowledge is a Good Thing
Before you begin, get educated about the home buying customs where you live. Relatives or friends who live in another state might have some good general advice for you, but chances are the process is very different in their area, so avoid the mistake of relying solely on their advice to make important decisions.
The specific way you progress through a real estate transaction varies depending on the real estate laws and customs where you live, but there are many steps that are standard, even though they might not be accomplished in the same order in every location.
You’ll feel more confident about your home buying journey when you understand what is required of you and every other person who is involved in the transaction.
Know Your Finances
Your credit reports are an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a home loan. Why? Because they play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.
If you haven’t looked at your credit reports, you might be surprised at their contents, because errors are common.
Finding the right loan and lender is crucial to your home buying success. That’s where we can assist you. Do you know how much house you can afford? Probably not, unless you’ve talked with one of our Home Loan Experts. Fill out our online application and we can have one of our experts get you pre-approved. When you know your interest rate and know your budget you can make an educated decision.
Buying a house isn’t as difficult as you might think, even if you’re short on funds, but the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at homes.
Start today by filling out the application. A Home Loan Expert will contact you and get the ball rolling. Buying your first house should not be intimidating.