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Find out if now is the right time to refinance! You may be
able to reduce your monthly payments or reduce the life of your loan….by
getting a lower interest rate or a new loan term. You may also be able to
save even more if you use your refinancing to pay off credit card debt or
other higher interest rate debt. Some key reasons to consider refinancing:
- Get a lower-rate mortgage.
- Convert an adjustable rate
mortgage to a fixed rate mortgage.
- Consolidate a first and
second mortgage into one lower rate mortgage.
- Get cash for family needs
and expenses.
The advantages we offer you
for your refinancing needs are:
- Low Rates
- Easy Online Application
- All Types of Mortgage
Programs
- Guidance & Advice from
an experienced Loan Professional
*IF YOU HAVE
AN ADJUSTABLE RATE MORTGAGE*
There are several types of ARMs but all share one feature: After an initial period
of fixed payments with low rates, the loans adjust -- usually to the
prevailing yield of one-year Treasury bills or six-month LIBOR yields plus a
margin of one to three percentage points.
For example, if you took out a
3 year LIBOR Based ARM loan of $200,000 in 2004 at 4.75% which has an inital 2% rate cap when it adjusts, you could see your
payment increase $254 per month. If the LIBOR Rate holds steady where it is
hovering at around 5.4%, you will see your rate jump to 7.4% and your payment
increase $341 from where it was initially!
The Mortgage Bankers
Association estimates that some $1 trillion worth will reset by the end of
2007. AND WORST YET, Many consumers are unaware that they even have an ARM
loan and their rate and their payments are getting ready to increase
dramatically!
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