Refinance 

I want to refinance my mortgage.



Refinance - Can I get rid of my private mortgage insurance?

If you are a homeowner, you are probably well aware of the mortgage rates that are currently available. If you are locked in at a higher rate, however, you are probably wondering how you might be able to take advantage of the low rates and save some money on your mortgage. Right now is a great time to take advantage of home refinancing opportunities and potentially save thousands of dollars over the life of your loan.

The process of paying off an existing loan, with the proceeds from a new loan is known as a refinance. Borrowers often seek to secure a lower interest rate or to lower a monthly payment. The most common type is of refinance is a rate and term. In addition to lowering rates and/or the associated payment, a mortgage refinance often reduces the term of a loan and/or allows a borrower to switch between a variable and fixed rate. A refinance often consists of the same size loan, using the same property as collateral. In order to determine if a refinance is beneficial, the savings in interest must be compared to the fees associated with the refinance process. An example of a refinance fee is a prepayment fee.

There are many reasons to refinance. However, here are the 4 most common reasons I've seen. If you find yourself in any of these categories, start looking into the various refinance programs available to you.


Lower your monthly payments

Probably the most common reason for refinancing is to lower your monthly payments by eliminating private mortgage insurance. Conventional loans with a loan-to-value of 80% or below do not require PMI.

Another good way to save is by lowering you interest rate in order to ensure the most savings.

There are various ways to lower your payments. One way to do so would be to increase your loan term in order to pay less for an extended period of time.

If you have an fixed rate mortgage and feel that you can't afford your current payments on the short term, but believe you will be able to deal with an increased rate later on, you might want to consider switching to an ARM because its rates will be fixed at a lower rate for a short period of time and then adjust later on when you know you can afford it. Conversely, if you have an ARM it would make sense to switch to an fixed rate mortgage with lower rates.


Decrease loan term

You may choose to refinance primarily for the reason of decreasing the loan term while slightly increasing monthly payments. In the long term this probably will save you a lot of money thanks to a lower interest rate. You will also finish paying off the loan a lot sooner.


Cash-out

Cash Out - Many times there are other important debts you have to pay off or will need to pay off in the near future. Refinancing for more than you currently owe will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvement, or buying a car. Many times you can do so while getting a lower interest rate


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