If you are considering a new home mortgage or refinancing your home in Pennsylvania or New Jersey, contact Federated Lending in Bucks County, PA and talk to one of our experienced loan officers for help. interest rates are still low and you could benefit from refinancing today.
Benefits of Refinancing. The number one reason that many people refinance is to get a lower interest rate on their mortgage. Some even choose to buy points to lower their rate. A lower rate translates to lower payments, which means you’ll pay less for your home overall.
Refinancing can save you thousands of dollars as well as give you the peace of mind of a mortgage with fixed monthly payments. For example, if you have a 15-year mortgage with a balance of $150,000 and a fixed interest rate of 7 percent, and you refinance it for a mortgage with a 5 percent interest rate,
Refinance: A refinance occurs when a business or person revises a payment schedule for repaying debt. Mechanically, the old loan is paid off and replaced with a new loan offering different terms.
Your refinancing benefits depend on your financial goals. Closing Costs If your lender charges above-average fees for refinance transactions, it may take you several years to break even on the costs.
Refinancing to get a better interest rate can lower your repayments and shorten your loan term, helping you to own your home sooner. For instance, monthly principal and interest repayments on an owner-occupier loan of $350,000 at 4.5% p.a. will be $1,945 and the total cost of this loan over 25 years at the minimum repayment will be $583,624.
Your home’s equity is the difference of what you still owe on your mortgage and your home’s current value. For example, If your property is valued at $500,000 and you owe the lender $200,000, the equity on your home is $300,000. When you choose to cash out on your equity through refinance, also known as cash-out refinance, you are borrowing.
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Home Mortgages Benefits of Purchasing/Refinancing. There’s great personal satisfaction in having a home you can call your own and pass on to future generations. We’re committed to helping you enjoy every benefit of home ownership. The home you work hard for can now work hard for you. Renovate your home. Pay tuition. Consolidate debt.
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