Get Cash Out, Shorten Your Term, Or Save Money Monthly
Cash Out Refinances
People sometime need cash for a variety of reasons including consolidation of debt, pay off high interest loans, business ventures, procure more real estate and a variety of other reasons. The main reasons why people pull cash out would be the following.
Want to consolidate all debt to one bill
Want to pay off all their high interest credit card debt
Want to put their car payments, in with their mortgage
Need to complete home repairs and home improvements
Need to pay for schooling for themselves or their children
Need to tax debt obligations like tax leins, back taxes, and other tax debts.
Want to combine their first and second mortgage onto one bill
Want to buy a big ticket item like a truck, car, business equipment, etc
Want to open their business, pay for business bills, pay for inventory and a number of other reasons
Want get a lower interest rate then they currently are now and just want to have an emergency fund
Want to take cash out refinances to travel the world
Shorten Your Mortgage Term
Did you know that the shorter the mortgage term the less the APR usually is. If you look at a 30 year fixed conventional loan vs a 10 or 15 year loan, typically you will get better pricing with the shorter terms. Less interest and 15 years less payments equals huge life of loan savings.
Even if you compare say a 300,000 3o year loan, and just for math sake say the 30 year loan prices at 4.25 and say a 15 year loan prices at a 3.875.
30 Year Loan- Payments would be $1,475.82 over a 30 year period that would be total interest paid of $158,137.41
15 Year Loan- Payments would be $2,200.32 over a 15 year period thought the the total interest paid would only be $80,113.00
So for a 15 years loan the payment would be $724.50 a month more, but over the life of the loan it would save the borrower $78,024 in interest alone. If the borrower could afford the extra $724.5o a month the 15 years loan would be a much better deal. The interest rates here are just fictions as well. Please contact a loan officer to get what a true quote for your individual scenario, but keep in mind to look at shorter terms too if monthly cash flow is not your main objective.
Interest Rate Reduction
Is your interest too high as of today’s standards? Is your mortgage note rate more than you would like it to be? Have us do a free loan analysis now to see if we could save you thousands of dollar of interest on your loan. There are many different mortgage programs, terms, and rates that will determine your true cost of money or true APR. Our dedicated team will help you come up with the best loan to you to achieve your goals, and we will always work to give you the best pricing and product.
We will also look to see if we can remove the PMI on your loan as well. If you originally put less than 20% down on your mortgage and had Private Mortgage Insurance or FHA MIP? If so we can look to see if you qualify to refinance your loan to get to where you can remove the mortgage insurance dramatically decreasing the true cost of money APR.