One of the more important decisions that you will have to make when purchasing a home is how you will finance your new property. The sooner you get pre-qualified and establish your price range, the more successful your search will be. We will guide you through this important process and ensure that you receive the financing most suitable for your needs.
Lenders and Mortgage Brokers
Once you have made the decision to buy, you should contact a mortgage broker immediately to get a more precise idea of the price range you can afford. We can also assist you when you are ready to contact a mortgage broker or other lender regarding your financing needs. You can count on our expertise to point you in the right direction. To help you get started, and we will provide a list of mortgage brokers and/or lenders who we have worked with successfully in previous transactions.
When you refinance your mortgage, you seek to replace your current mortgage loan with a new loan that has more favorable loan terms. Usually, you refinance to pay off a higher-interest loan with a loan that has a lower interest rate. However you may also decide to refinance to replace an adjustable-rate mortgage with a fixed-rate mortgage, or vice versa. When you refinance, you can choose to borrow just enough to pay off the mortgage balance you owe or, with enough home equity accumulated, you may also be able to borrow an additional amount in what is called a “cash-out” refinancing. The “cash-out” amount is typically used to pay off other debts.
Before refinancing, you should consider:
Application Costs. Some lenders may charge an application fee to refinance. However, if you have a good credit history, you may be able to avoid paying a loan application fee.
Closing Costs. Your closing costs include Title Insurance and Impound Fees, which often are the bulk of your closing costs. You should also expect to pay for other expenses directly related to processing and approving your application, which may include fees for a credit report, processing, appraisal and recording a new mortgage lien. Closing costs may be factored into the new loan so that you don’t have to pay these fees “out-of-pocket”.
Taxes. Taxes may decrease or increase based on the amount you refinance and “cash-out” (if any).
Should you decide to refinance your home or property, please Contact Us for a list of mortgage brokers and/or lenders, who we have worked with successfully in previous transactions.
Obtaining financing or refinancing is a complex and often confusing process. If you need any assistance, please Contact Us to discuss your real estate goals and your financing or refinancing options.
Online Mortgage Calculator
Many of our customers appreciate the convenience of our online mortgage calculator. Other companies show the monthly housing payment amount as Principal and Interest (P & I). However, a monthly payment typically includes more than that. Our detailed mortgage calculator allows you to obtain a more accurate monthly payment amount; we include Principal, Interest, Taxes and Insurance (PITI), as well as Association Fees and additional calculations based on the type of loan and down payment which may or may not include additional insurances, such as PMI (Private Mortgage Insurance) and/or MIP (Mortgage Insurance Premium). With our you can make a more educated decision on what home is right for you.
PMI (Private Mortgage Insurance) – Applies to Conventional Loans with more than 80% financing. It is a required insurance paid by the borrower (Buyer) and is paid only until the principal balance is 80% or less than the purchase price of the home.
MIP (Mortgage Insurance Premium) – Applies to FHA Loans only. It is an insurance rate calculated based on the amount of your down payment (5%, 10%, or 15%) and is paid throughout the life of the loan.
Click here for the Online Mortgage Calculator.