When you get a mortgage, after a period of time, many people have the opportunity to do a mortgage refinance and cut down their monthly payments. Mariem Bennett of Fairway Independent Mortgage Corporation is a leading provider of mortgage refinances to those in Kingsland, St. Marys, Woodbine, as well as the whole state of Georgia. For more information on how to Refinance your mortgage and to see if you qualify contact me today at (912)227-2447!
Advantages of a Mortgage Refinance
- Locking in a lower interest rate
- Saving hundreds of dollars in your monthly payments
- Shortening your loan term
- Cashing out equity to pay for other obligations (e.g. college tuition, medical bills, divorce)
How to Determine if you can Refinance your Mortgage
When refinancing, it is best to first look at what your financial goals are and how refinancing can help you reach those goals. That will help you to determine your best options when you find the right company to complete your loan with.
After this, the process is almost the same as applying for your original mortgage was. You will next need your current home value plus hour estimated credit score. This will help you to determine your eligibility before you apply. You can use a variety of loan calculators to estimate your new monthly mortgage payments and see how much you will save each month, or if shorting your loan term how quickly you can payoff the loan.
Work with a Qualified Mortgage Refinance Company
Perhaps the most critical choice after developing your goals is selecting a lender. While many lenders offer “competitive rates,” they frequently come with hidden costs and fees that the lender doesn’t advertise up front, and unfortunately the potential for poor customer service quality. While finding the state rate is important, you should also carefully evaluate the customer service satisfaction reports for each lender, and avoid the doubts, uncertainties and other pitfalls that often frustrate consumers. Make sure that when you speak to prospective lenders they are completely up-front about fees and costs!
Mortgage Refinance Benefits
- Refinance your adjustable rate mortgage into a new, lower fixed rate
- Reduce your 30 year term to a 15 year term, paying off your loan more quickly and saving thousands in interest payments
- Apply for government assistance through the Home Affordable Refinance Program (HARP) if you don’t meet traditional refinancing criteria (e.g. You owe more on your loan than the home is now worth)
- Enjoy the benefits of a variety of loan including VA, FHA and USDA loan products
Once you select your program, apply with the lender, obtain your pre-approval, lock-in your new interest rate and term, and then continue with the mortgage process until you close your new loan. Be sure to leave a detailed review for your lender, whether you are satisfied or not, to help future consumers with this process.
Refinance Your Mortgage Today!
Refinancing your mortgage may seem like a difficult process, but the benefits can be life-changing for you and your loved ones. Whether you need the extra money for large expenses, or just want to pay off your loan more quickly, refinancing can be the solution to meeting your financial goals. Mariem Bennett at Fairway Independent Mortgage Corporation is a leading provider of mortgage refinances in St. Marys, Kingsland, Brunswick as well as the whole state of Georgia. For more information on mortgage refinances or how to qualify contact Mariem today at (912)227-2447!