Discover the Mortgage Rates From Jersey Mortgage Company
With interest rates so low, there’s never been a better time to explore the advantages of mortgage refinancing. It allows you to lower your payments and interest costs, in addition to getting cash out or even paying off your mortgage quicker. Jersey Mortgage Company has helped thousands of families in NJ, NY, PA, FL and CT get the value out of their house in order to reach their personal financial goals.
Mortgage refinancing can open a world of possibilities. You could free up money to pay down high interest credit card debt, invest in other assets, or even pay for home improvements and college tuition. The possibilities for financial freedom are nothing if not intriguing.
Mortgage Refinancing Can Really Add Up
The equity you have in your home can act like a savings account that you can access through a cash-out refinance. A drop of just 1-2% could lower your monthly payment substantially, whether you choose a fixed or adjustable mortgage rate option.
There is no "one-size-fits-all" solution, but there are many reasons for mortgage refinancing, particularly if you have an Adjustable Rate Mortgage (ARM). The experts at Jersey Mortgage Company will help you decide whether it makes sense to refinance from an adjustable rate to a fixed rate mortgage; how to keep closing costs to a minimum (or non-existent); and when the optimal time to refinance may be.
We are an award-winning direct lender, which allows us to offer you more options and more competitive mortgage rates than other lenders. As part of the LendRIGHT lender excellence program and noted underwriter of loans, entire process is efficient and smooth. The mortgage refinancing specialists at our NJ, CT, and NYC mortgage company take pride in getting tough deals done and will work alongside you to create a customer refinancing package that suits your current and future needs.
Benefits of mortgage refinancing
- Decrease monthly home loan payments from a higher fixed rate to a lower fixed rate.
Example: If your rate is currently 5.75% and you refinance to a 4.75% rate, you will save 1% on the mortgage, less the costs of refinancing. On a $200,000 mortgage, your savings will be over $50,000 over 30 years by reducing the interest rate by just that one percentage point.
- Improve monthly cash flow with lower payments.
Cash flow may be tight after moving into a new home. Switching to an adjustable rate program where the rate is fixed for the next three to ten years could provide breathing room. Similarly, if you are in a 15 or 20 year term loan, switching to a 30 year term can also increase monthly cash flow.
- Switch to a fixed rate program to eliminate payment changes of adjustable rate mortgages (ARMs).
Homeowners with one year ARMs will see their payments rise as rates move up. By using programs that hold rates steady for three, five or seven years, you can refinance into a low fixed rate.
- Withdraw funds from the equity in a home.
If cash is needed for home improvements, college education or to consolidate debts, the borrower may be able to refinance 75% to 80% of the current value of the home if it has been owned for one year or more.
- Shorter loan terms
Often the best incentive to refinance is found by refinancing into a shorter term loan while keeping the loan payment stable. A borrower can save tens of thousands of dollars in interest by reducing the term of the loan.
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