Home Refinance
Pay off an existing mortgage with a new loan that lowers your payments or reduces the term. Which option you choose depends on the use of your property, the loan amount, how long you plan to keep the property and other factors. As always, don’t hesitate to give us a call to discuss all options available.
Prime Refinancing Conditions:
- Lower mortgage rates - when mortgage rates drop is an ideal time to look at refinancing possibly resulting in a lower monthly payment or shortening your repayment term
- Home value rises - when your home's value rises, refinancing can help take advantage of the equity you have in your home
Types of Loans to Consider:
- Conventional Fixed Rate Loan - provides a fixed principal and interest payment over the term of the loan
- Conventional ARM (Adjustable Rate Mortgage) - offers lower initial payments, a consideration if you anticipate a move within three to ten years
- Jumbo Fixed Loan - a fixed principal and interest option for loans greater than $484,350
- Jumbo ARM (Adjustable Rate Mortgage) - again, for loans greater than $484,350, offering lower initial payment and a consideration if you anticipate a move within three to ten years