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Refinancing Home Loans
Turn your home loan into the loan you want it be. Lower your interest rates and monthly payments. Finance home improvements or a new car. Fill out our free short form and contact up to four lenders today.
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Imperfect Credit
Securing your mortgage with a home or expensive automobile is another way for someone with bad credit to receive a loan with low interest rates and a lower down payment. Secured loans allow lenders to lend larger amounts at lower rates and often allows them to over look certain mistakes on your credit history.
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Home Construction Loans
Interested in building your new home? There are lenders that will finance 100% percent of the cost for materials, labor and land. Apply today to contact up to four lenders about your home construction loan.
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Rates
There are several indexes on which interest rates are based:
- The Prime Rate is used by lenders for corporations and for their credit-worthy
applicants. It is very stable and tends not to differ from bank to bank. The
Prime Rate is used to predict the direction of rates, and the activity of
consumer loans often follows that of this index.
- U.S. Treasury Security Yields is an average of monthly rates during the
length of a one year U.S. Treasury security that is often used to set adjustable
rate mortgage and is published yearly by the Federal Reserve Board.
- The 11th District Cost of Funds is also used to set adjustable rate mortgages
and will often follow the same direction as the average of a one-year U.S.
Treasury security. Monthly, the 11th Federal Home Loan Bank District, which
includes California, Nevada and Arizona, publishes its weighted average interest
rate for the prior month.
- Federal Funds Rate is set by the Federal Open Market Committee and is the
interest rate on funds one bank lends to another overnight. This index affects
inflation and economic growth, and is decided on by the Federal Open Market
Committee.
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Mortgage Calc
Whether you want a loan to buy a new home or to refinance your current mortgage, a mortgage calc can help you decide what kind of loan is worthwhile and what cost you too much in the end. A mortgage calc can show you the difference a shorter term, a slightly lower rate, or an occasional extra payment can make on your loan and your finances. Use our mortgage calc to find out more or fill out our free short form to contact up to four lenders about finding a new mortgage or refinancing your existing loan.
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Mortgage Refiancing
However, interest rates are not the only reason to refinance your mortgage. Many homeowners find themselves unhappy with the terms of their loans. A loan with a thirty year term may offer low payments, but those very low payments that seemed attractive can slow the process of building equity. Changing to a 15 year term will allow you to build equity far more quickly, and often the increase in monthly payments is far less than most people expect.
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Refinancing Your Home
Refinancing is much the same process as obtaining a first home loan. Credit and income both come into play when designing your new loan, and if either has diminished since your original loan, it may not pay to refinance.
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