Is
now a good time for you to refinance? There are several advantages and
options to think
about when deciding whether refinancing is right for you.
Build up equity faster. You can build up equity much faster by switching from a 30 year to a 15 year mortgage. The payments may be slightly higher, but your equity will build up faster and the interest you pay over the life of the loan will be greatly reduced. If you find the payments to be too high on a 15 year mortgage, you can also choose a 20 year loan. Or we can customize your loan to match the amount of years that are left on your current loan. This has the effect of reducing your monthly payment without increasing the amount of years left to pay off your loan.
You may also want to consider refinancing if you have an adjustable rate mortgage. By switching to a fixed rate, you can lock in a low interest rate with a reasonable monthly payment for the life of the loan.
The amount of money saved by refinancing has a great deal to do with how long you stay in your house. The more money you pay upfront, the longer it take to recover the cost. If you plan on staying in your house for a long time you can reduce the interest rate by paying additional points. Within a few years you will have recovered the cost of those points and start benefiting from the lower rate. Or you may choose to obtain a no point loan that carries a slightly higher interest rate. This option is best if you plan on moving within 3 to 5 years because the slightly higher monthly payment will not add up to the point you may have paid.
You may also choose to finance the points so you do not have to pay them up front. The points will be added to our loan balance and your monthly payments will be slightly increased.
So, should you refinance? If your not sure, the best thing to do is call us today or fill out our on-line application. One of our experienced loan officers will take the time explain to you the current rates and cost associated with refinancing. They will figure out what your new payment will be, how long it will take to recover the costs, and which program is right for you.
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Consolidation Home Improvements | FAQ's | Privacy Policy | Contact Us | Glossary Five Star Mortgage Corporation 1376 Locust Avenue Bohemia, NY 11716 Tel: 631.589.STAR (7827) Fax: 631.589.7011 |
| Brought to you by Five Star Mortgage Corporation. No representation is made or is to be implied as to the accuracy thereof and all information submitted is subject to errors, omissions, rate change, acceptance conditions, or withdrawal without notice. ARM APRs may increase after consummation. Offer subject to credit approval. Advertised rates are prevailing and are subject to change without notice, and are for new applicants only. Five Star Mortgage Corporation cannot guarantee acceptance into any loan program, specific loan terms or conditions. Five Star Mortgage Corporation 1376 Locust Avenue, Bohemia, NY 11716 Registered Mortgage Broker -- NYS Banking Department Lic#A013838. All Loans Arranged Through 3rd Party Providers. Five Star Mortgage Corporation is not responsible for applications submitted in states other than those Five Star Mortgage Corporation is licensed in. |