Is refinancing right for you?
This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner.
If you currently have a high fixed-rate mortgage and the rates have dropped due to market conditions, then you may want to refinance to a low fixed-rate loan. Also, if you have an ARM, you might consider this option in order to get the security of a fixed rate. Even if your adjustable rate is low now, it is not guaranteed to remain that way; but if you get a low fixed-rate loan, then you lock that low rate in for the life of the loan. This option is a good choice if you are not planning on moving within the next five years.
If your main goal is to quickly build up equity and to pay off your mortgage sooner, then the shorter-term loan is probably your best choice. A lot of times, if you refinance to this type of loan, your monthly payments will be higher, but you will pay substantially less interest and your mortgage will be paid off sooner. Also, you would benefit from a larger tax deduction on interest if you move from a 30-year fixed to a 15-year fixed loan. There are some cases, however, in which you may be able to refinance to a shorter-term loan without raising your monthly payment -if you’ve had your current mortgage for enough years.
If your current monthly payments are higher than is comfortable for your financial situation, then you might want to consider refinancing to a longer-term loan. This will result in a decrease in your monthly payments, since you will have more time to repay the loan. Examining your current mortgage and knowing how you would like to improve it are the first steps you need to take when starting the refinancing process. Once you know this, you can choose the option that will best help you achieve your goals.
Loan Officer // Branch Manager // NMLS #103259
Amy Brand is a Mortgage Professional that epitomizes integrity, energy, hard work, and creative service in every detail of the real estate transaction. Amy is a family woman with a devotion to God, her three beautiful children & her adorable chihuahua, Lucy. Amy started her career in the mortgage industry over 20 yrs ago . Her knowledge of products and programs allows her the ability to help her borrowers find the program that best matches their individual needs.
Amy understands that when shopping for a mortgage professional, you need an individual and team with whom you can rely. Amy’s goal is to help you in a fast, friendly, and easy to understand manner. She uses her experience and knowledge to ensure that all of your financial and mortgage needs are successfully met. Amy’s passion is to help her clients and partners achieve the goal of homeownership.
AFI Mortgage, a Division of AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 1-877-276-1974. © 2020. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice. Visit https://amerifirstloan.com/pages/state-licensing for all state licenses information. Visit NMLS Consumer Access at https://www.nmlsconsumeraccess.org/ TN: AFI Mortgage, division of AmeriFirst Financial, Inc. is not affiliated with or provided by a bank, S&L, savings bank, or subsidiary, or affiliate of any such entity.
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