• Your Mortgage Team
• Loan Preparation
• Mortgagee Clause
• Types of Loans
• What is FHA?
• When to Refinance?
• Home Buyers Guide
• What is Credit Score?
• Mortgage Insurance
• Glossary of Terms
• Your Loan Progress
• Useful Forms
• Common FAQs

When to Refinance?

Refinancing involves taking out a new mortgage to replace your existing one. You should speak to a lender who is knowledgeable and understands the programs. Here at Mortgage Concepts, we can help because consultation is free and we can evaluate if a refinance on your current loan would be a worthwhile step for you to take. There are many things to consider.

Refinancing has many benefits. If you are considering refinancing, please call for a FREE consultation or apply for a free consultation online.

Are you interested in:

• Lowering Your Term?
• Lower Monthly Payments?
• Cashing Out?
• Taking A Vacation?
• Paying off High Interest Credit Cards?
• Paying for College?
• Remodeling or Expanding?

Maybe your credit has improved over the years, and you are eligible for a better rate. Perhaps the high cost of housing has stopped you from going larger, so why not cash-out and build on what you have? Most of all, if you have a ‘floating rate’, which is know as an adjustable rate mortgage (ARM), then refinancing can lock you in with a fixed rate while the rates are still low, but slowly on the rise.

So many options are available for homeowners when it comes to refinancing. Refinancing is a process, just as when you initially bought your home, so let’s just review the steps you need to take:

• Did you purchase your home when rates were high? Is your mortgage an adjustable rate loan? Then now is the time to refinance. Refinancing is a worthwhile process, especially if your loan is an adjustable, because interest rates are slowly climbing and then so will your monthly payment.
• Consider refinancing to lower your rate if you want to build up equity more quickly by converting to a loan with a shorter term.
• Other reasons can be to draw on the equity built up in your home already with a cash out or HELOC for debt consolidation, vacation, paying off college loans or renovating to improve your home’s equity value.

If you decide that refinancing is not worth the costs, ask your US Mortgage Corporation representative whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan.