If you are a homeowner, you are probably well aware of the mortgage rates that are currently available. If you are locked in at a higher rate, however, you are probably wondering how you might be able to take advantage of the low rates and save some money on your mortgage. Right now is a great time to take advantage of home refinancing opportunities and potentially save thousands of dollars over the life of your loan.
Borrowers often seek
to secure a
lower interest rate or to lower a monthly payment. The most common type
is of refinance is a 30 year fixed rate and term mortgage. In addition to lowering rates and/or
the
associated payment, a mortgage refinance often reduces the term of a
loan and/or
allows a borrower to switch between a variable and fixed rate. A
refinance often
consists of the same size loan, using the same property as collateral.
In order
to determine if a refinance is beneficial, the savings in interest must
be
compared to the fees associated with the refinance process. An example
of a
refinance fee is a prepayment fee.
There are many
reasons to refinance:
However, here are the 3 most common reasons I've seen:
Call us 888.958.5382
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
Aug 05, 24 04:10 PM
Aug 05, 24 03:55 PM
Aug 05, 24 03:48 PM
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Minimum Credit Score Needed
to Buy a Home or Refinance
FHA
Requires a minimum credit score of 500 to buy a home or refinance
VA
Requires a minimum credit score of 500 to buy a home or refinance
Fannie Mae
Requires a minimum credit score of 620 to buy a home or refinance
Freddie Mac
Requires a minimum credit score of 620 to buy a home or refinance
Call Now, Our Staff is Available
888-958-5382