Refinance Your Home with CityWide
Refinance your existing Owner Occupied, Vacation Property or Rental Home or Flip a Land Contract into a Home Loan to Lower your Monthly Payments, Consolidate Debt, Pay Off high interest credit Cards, Pay Off Tax Liens, Buy a Vehicle, Make Home Improvements or just Put Cash in Your Pocket. CALL 1-888-497-2929 TODAY to get started! Or simply fill out the online application!
Is Refinance right for YOU? Find out Below!
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Improve Your Financial Situation
Depending on your specific situation, a mortgage refinance can be a great way to improve your financial situation.
You may want to refinance your current mortgage for any of the following reasons:
To Lower Your Mortgage Rate & Payment - Even a small reduction in your mortgage rate can have a significant impact on the long term cost of financing your home.
To Consolidate Debt - If you are paying a much higher interest rate on credit cards, auto loans and other debt, refinancing may allow you to roll these debts into one loan with a lower interest rate and tax benefits.
To Get Cash Out of Your Home - Equity in your home is considered a dormant asset. There are certain situations and opportunities that warrant utilizing this equity in your home. When rates are low and fees are reasonable, you can potentially make money by taking cash out of your home and investing wisely.
To Pay off Your Home Loan Faster - A mortgage refinance can be structured to accelerate the payoff of your home. Instead of refinancing into a typical 30 year mortgage, shorter term options are available, typically at lower rates.
To Move from an ARM to a Fixed Rate - Adjustable rate mortgages (ARMs) are ideal when mortgage rates are low or you do not intend to stay in the home for a long period of time. However, when rates increase, an ARM may become less desirable.
To Eliminate Mortgage Insurance (MI) - If you were unable to make a down payment of at least 20% when you first obtained your mortgage loan, you may be paying MI. If your home has appreciated and/or you have paid down your existing mortgage, you may be able to refinance your home to eliminate your monthly MI payment.
To learn more about refinancing your current home loan and to see if it would be right for you, talk with your mortgage loan originator, or contact us today.
When I should refinance?
It is often said that you should refinance when mortgage rates are 2% lower than the rate you currently have on your loan. Refinancing may be a viable option even if the interest rate difference is less than 2%. A modest reduction in the loan rate can still trim your monthly payment. For example, the monthly payment (excluding taxes & insurance) would be about $770 on a $100,000 loan at 8.5%. If the rate were lowered to 7.5%, the monthly payment would be about $700, a savings of $70. The significance of such savings in any scenario will depend on your income, budget, loan amount and the change in interest rate. Your trusted lender can help calculate the different scenarios.
Types of Mortgages Available are:
Fixed Rate Long Term Mortgage Loans.
10, 15, 20, 25, 30, 40, and 50 Year Mortgage Loans are available.
This payment does not change throughout the Life of the Loan.
Adjustable Rate Mortgage Loans
These ARM’s are typically designated as a “Credit Repair Loan”. They have a Fixed Rate for 2,3 or 5 Years before they turn into an Adjustable Rate Mortgage. We will refinance you into a New Fixed Rate Mortgage before the 2,3, or 5 year period ends, after your Credit has been Repaired.
Second Mortgages and Home Equity Line of Credit “HELOC”
A Second Mortgage is frequently used to keep your first Mortgage below an 80% Loan-To-Value Ratio to avoid paying Mortgage Insurance or “PMI” on the First Mortgage. It is set up at the same time as your first Mortgage. It may also be used to assist with the Down Payment and Additional Closing costs of a Purchase.
A HELOC is designed to obtain Cash as you need it from the Equity of Your Home without changing your Current First Mortgage. Once your HELOC has been established, you can use as little or as much of the maximum amount of the HELOC as you need as you need it.
