Simplifying the Refinancing Process.
If you currently have a fixed rate mortgage at a higher interest rate than what is available now, taking advantage of a home refinance program can lower your monthly payment.
If you have an adjustable rate mortgage that is starting to go up, you can lock in at a fixed rate that will keep your payments level for the rest of the loan term.
The key is weighing the benefits of the refinance mortgage against the costs of processing a new loan.
Simplifying the Refinancing Loan Process
Directors Mortgage Specialists will work with you, assess your financial situation, recommend your loan options and guide you step by step through the loan application and closing process. Our team is the most experienced in the industry and understands how to translate all the numbers, terms and data into everyday language, enabling you to make informed decisions. We are also here to walk you through each step along the way and recommend one or more loan options available to you. It is our goal to enable you to enjoy taking advantage of the equity you have in your home.
There are two types of financing for refinances
Fixed Rate & Adjustable Rate
Loans that feature a “fixed” interest rate for the life of your loan. They are an option if you’re looking for stability throughout the life of your loan.
Adjustable Rate Mortgages
Also known as an ARM, feature a lower interest rate for the first 1 to 10 years of your loan’s term. In time, an ARM will adjust or “reset” to a new interest rate, which may be lower or higher than the introductory rate.
What is a Streamline Refinance Loan?
If you have a FHA, VA or USDA mortgage, you may qualify for a Streamline Refinance. A Streamline Refinance may enable you to take advantage of today’s low interest rates with very little or no out of pocket cost with less paperwork. Please note that not all clients qualify for a Streamlined Refinance.
Contact a Directors Mortgage Specialist today for more details on Refinancing.