While
the process and costs of refinancing may seem confusing at first, do not let it
scare you from refinancing your home to consolidate debts. Whether you
are consolidating credit cards, paying off a home equity loan, a car loan or
merely lowering your current mortgage interest rate, you may save thousands of
dollars. We would be happy to discuss your options and help you to
analyze what is the best mortgage program to fit your needs.
We
can direct you the local and national banks we have found have had the best
mortgage rates, service, and lowest fees. Please feel free to
contact us at (203) 226-9800 for further information.
Refinancing
Tips
Rate
shopping for the lowest mortgage interest rate is tricky. It is important that
you make sure you compare the interest rate over the same terms of years and
make sure the lending fees which may include points, origination fees,
application fee, etc., are quoted and enter into your comparison. A lender can
charge higher fees and offer a low interest rate while another may charge a
slightly higher interest rate with lower fees. A reputable lender will not
hesitate to answer any questions. You should receive a good faith estimate of
closing costs from the lender when you submit your application. Also you should
receive a Truth and Lending Statement showing you exactly what this loan will
cost you over the term of your Note.
Reasons
to Refinance
To get out of a high
interest rate loan to take advantage of lower rates.
Currently have an
adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty
of knowing exactly what the mortgage payment will be for the life of the loan.
To build up equity
more quickly by converting to a loan with a shorter term.
To draw on the equity
built up in your house to get cash for a major purchase or for your children's
education.
Consolidate debts.
Lower your monthly
payment.
The
Process and Costs of Refinancing
Refinancing
your mortgage is a much simpler process than you encountered when you closed on
your first mortgage. Upon receiving a copy of your mortgage commitment we will
personally arrange to have all of the bank conditions met, including arranging
for payoff of your existing mortgage. A major fee associated with the purchase
of your home was the cost of the loan title insurance policy, which is required
by all banks. However, if you have purchased or refinanced within ten years, we
can arrange up to a forty (40%) percent discount on this insurance.
Additionally, because we have served you previously, the title search fee will
be highly discounted. As a special offer to you, we can offer you a highly
reduced rate. In fact, we pride ourselves with having one of the lowest
attorney fees in the area.
Further
Helpful Information
For
your convenience and interest, we have gathered together several helpful real
estate information brochures provided by U.S. Government agencies:
Disclaimer: The information contained herein is for informational purposes only. It is NOT legal advice. You are not entitled to rely on this information or to take any action, legal or otherwise, based on this information. State & Federal Laws and procedures change frequently. You are advised to consult a licensed attorney before pursuing any legal matter and before taking any legal action. The Law Firm of Sherriff & Sherriff shall not be held liable for reliance on the information contained herein. (c) Sherriff & Sherriff