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PostHeaderIcon No Cost Refi & Refi Loan

A no cost refi is when a borrower will get a high rate to offset the lender fees. A client will get a higher rate then normally would qualify for but they would get this higher rate because the lender will need to offset the fees. A higher rate with no fees is how a client doesn’t have to pay for the rate. Some clients like this because their loan amount is high enough and they do not want to raise it, so they go with a higher rate to pay for the closing costs.  Also if a client wants a refinance at no cost they will get a higher rate, because of hits to rate. This means that certain credit scores, certain, loan to values and also the type of property it is has hits to the rate. So if a client doesn’t want to get charged in the front to cover these fees, they will get a higher rate then deserved.

There always will be a time when a client wonders if it time to refinance their home. They ask themselves is refinancing my home right now a good time? And they answer is yes if the market rates have dropped compared to your current interest rate. Also if the market is a good time to refinance. A client must also find a lender that will work with them and be more of a friend and guide than a pushy muscle man. You want a lender who’s looking to help you, not just refinance you to make money. As a borrower you should see if it’s the right time for you to refinance your home mortgage.

Refi loans are when a person or persons is trying to lower their monthly payments, lower interest rate, cash out money from equity or even change the amount of years on their loan. People have great opportunities to refi their mortgages and help make their lives easier.  A Refi mortgage is when a client applies for a loan that is secured to pay off another secured loan. If a clients rate is a fixed interest rate and has now lowered then a client is more inclined to refi their mortgage to a new better rate. A fixed mortgage is a mortgage with a fixed interest rate.  A fixed interest rate is fixed for a specified amount of time; most likely a ten year, fifteen year, twenty year or even a thirty year fixed. When a client refi mortgages its benefits are to significantly lower the monthly mortgage payment. For most clients owning a home is their biggest asset. With this a mortgage payment may be the highest bill you have a month. With this being such a large payment, if you refi the mortgage you will be able to have more money every month. Another benefit may be to shorten the length of your home mortgage. This can also happen when you refi the mortgage, if you have a thirty year loan and you refi you can change it to a ten, fifteen or twenty year and save an immense amount of interest.

PostHeaderIcon Home Refi, Refi Loan & Second Insurance

A home refi means the same thing as refinance your home mortgage. A refinance is when a borrower pay off an existing mortgage loan with a new one. A bank or company does the refinance, they take out a new loan either with a lender or with the same one and they change your rate and sometime your loan amount. The reason that your loan amount changes is either to combine two mortgages, pay off some other debt like credit cards or home equity loans. One other reason is if the closing costs get rolled into the loan, this will result into the loan amount increasing. Reasons for home refi’s are to get cash, and or lower their interest rate which will lower their monthly payments.

Refi loan is a loan that is obtained once a refinance is done on the home. When a borrower has a mortgage loan and they want to lower their monthly payments or change the terms of the loan or even cash out this mean that they want to refinance. When a refi on a loan is done it means that a bank or financial company pays off the current mortgage and get the borrower a new loan with a lower interest rate. To refinance your home there are many different factors that come into play. Like if the borrower DTI ratios are where the lenders want them. The DTI ratios are the borrower debt to income ratios which tell the lender how much money goes towards the mortgage payment this is called the front end DTI. The backend DTI is how much income it takes to take care of all the debt. Another factor is the LTV, this mean the loan to value. A refi loan take time, but if done properly can benefit the borrower a significant amount.

A second insurance means a client who has to mortgages. When a client owns second home their Homeowners insurance on second home will be much higher than their primary insurance. An Increased premium on the second, this is do to the fact the client doesn’t spend as much time at the second home, as they do on their primary. On your primary residence you can get a much better rate than you can on your second home insurance.

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