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When
you need a quick and easy refinance of your home or investment
property, try 360 Mortgage Inc.. Our customers have said that our speed
of processing, knowledgeable staff and aggressive programs set us apart
from our competition.To get started immediately click here for our on-line application.
Return to Loan Programs
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There
many things to consider when refinancing your home loan. The fees
associated with refinancing can add up quickly so, many mortgage
companies will waive fees associated with refinancing applications and
legal fees. This fee reduction can amount to large savings for the home
owner but may result in a slightly higher percentage rate than
expected. It is important to talk about your loan options with your
loan officer. Additionally, the amount of time you plan to spend in
your home will impact your decision to refinance. Many mortgage lenders
will allow home owners who expect to live in their home for a minimum
of three to five years to pay “points†and closing costs upfront. This
option ensures the home owner obtains the lowest percentage rate
available.
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Saving
money is important to many consumers in today's economy and refinancing
your home loan is one way you can lower your monthly payments. A
careful analysis combined with the advice of your mortgage broker will
ensure that you make the right decision. The costs associated with
refinancing are similar to those of obtaining an original home loan and
include legal fees, application fees, settlement costs, and other
related fees. When refinancing, additional fees will arise and they can
include a fee charged if you paid off your original mortgage early, the
points associated with the refinance, and the home loan interest rate.
Typically the cost runs between three and six percent of the total
amount of the home loan. However, many mortgage brokers can offer zero
point loans and low-cost refinancing. Therefore, even if your rate
change is less than one percentage point, you may be able to save some
money by refinancing. Contact your home loan advisor to discuss the
various costs and laws governing the fees charged by mortgage companies
and the potential savings you can enjoy.
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The
decision on whether or not to refinance has, in the past, meant
balancing the savings of a lower monthly payment against the costs of
refinancing. In recent years, mortgage lenders have introduced "no
cost" and low-cost refinancing packages that minimize or completely
eliminate the out-of-pocket expenses of refinancing. With traditional
refinancing, the interest rate for your new mortgage is often about 2
percentage points below the rate of your current mortgage. However,
with the newer low and no-cost refinancing programs offered, home
owners can find it valuable to refinance to obtain a smaller reduction
in interest rates.
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Many
mortgage lenders will offer a refinance package where you refinance for
more than the balance remaining on your old home loan. In the mortgage
world this is called “cashing outâ€. The economy has also caused
interest rates to drop recently which may allow you to refinance your
home without increasing your monthly payments. The extra cash that
results from refinancing can be used for many purposes; one of the
smartest ways to use these funds is to pay off any loans with higher
interest rates. If you are in a positive position regarding debt you
may be interested in using the money for a more enjoyable purpose, such
as building an addition on to your home. How ever you decide to spend
the money, your mortgage broker can help you through the process.
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When
home owners make the decision to refinance their home loan they must
decide which interest rate will work best for their situation. There is
typically a range of interest rates at different amounts of points.
Remember, a point is equal to one percent of the loan amount. When you
work with you your home loan representative you will be able to analyze
the different interest rates and related points, which can save you
money. Some combinations of interest rates and points may cause your
monthly payment to increase though. Be sure to discuss all options with
you home loan advisor before making a decision.
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The
costs associated with refinancing are similar to those of obtaining an
original home loan and include legal fees, application fees, settlement
costs, and other related fees. When refinancing additional fees will
arise and they can include a fee charged if you paid off your original
mortgage early, the points associated with the refinance, and the home
loan interest rate. Typically the cost runs between three and six
percent of the total amount of the home loan.
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Refinancing
makes sense for many of our clients because refinancing can result
valuable savings. Now is also a good time to refinance for a second
time. The timing is important because when interest rates are falling
quickly you can reduce your monthly payments even further. Your
mortgage brokers will also help you understand the tax write off
associated with a second refinance. The money that American’s are
saving can be used to build emergency cash funds, build additions onto
their homes, or they can save it for a child’s college fund.
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Home
owners have two rate options when refinancing their home loan, fixed
rate mortgages and adjustable rate mortgages, often referred to as
ARMs. ARMs are attractive in today’s economy because they offer very
low introductory rates but due to financial market instability these
rates can jump quickly and homeowners may find themselves paying more
than they had bargained for. Adjustable rate mortgages are not always
unpredictable though. Homeowners who know the length of time they plan
to stay in their home may secure an ARM for that specific amount of
time, which will save the homeowner money and avoid rising payments.
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Mortgage
brokers are knowledgeable of the laws governing taxes that are related
to mortgages. Many homeowners find the tax issues related to the home
loan refinance process confusing, but your mortgage broker will guide
you through the process. To explain briefly, the Internal Revenue
Service (IRS) has ruled that interest paid for refinancing must be
deducted over the life of the loan. However, if the home loan is being
used to make improvements to your house, the borrowers may be permitted
to deduct a portion of the interest right away. The exact tax laws
concerning refinancing are complex and the details should be discussed
with your mortgage broker. The IRS website, www.irs.gov, may also be
helpful when gathering general information on the subject of taxes and
refinancing.
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Refinancing your KANSAS CITY home loan is a great way to gain extra
cash. KANSAS CITY refinances are popular among KANSAS CITY home owners
and our KANSAS CITY mortgage brokers are experienced with KANSAS CITY
refinances. Contact us today to learn more about your KANSAS CITY
refinance.
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