Best Times To Refinance Your Mortgage - PowerPoint PPT Presentation

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Best Times To Refinance Your Mortgage

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Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to. He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership. Be a proud homeowner today. For more details call 480-351-5904 or visit the site VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com – PowerPoint PPT presentation

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Title: Best Times To Refinance Your Mortgage


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Best Times to Refinance Your Mortgage
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Is It Time To Refinance Your Mortgage?
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There are a number of reasons to consider
refinancing your mortgage.
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If you are eligible for a VA Loan, or even if you
currently have one, there may be no better time
than the present to investigate refinancing
options.
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LOW INTEREST RATES
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  • While interest rates are currently at historical
    lows, the widely held consensus is that the
    Federal Reserve Board will begin slow, modest
    periodic rate hikes in the immediate future.

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  • It is a great time to lock in at the current rate
    before that acceleration begins. Check the
    existing rate of interest on your mortgage.

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  • It is possible that refinancing now may decrease
    the interest rate associated with your mortgage.
    Lowering the interest rate can have dramatic
    results.

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  • Generally it will decrease the dollar amount of
    monthly mortgage payments, while also decreasing
    the overall amount you will pay out during the
    life of the loan.

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  • Veterans who are eligible for a VA Loan may enjoy
    some extra perks during refinance.

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  • Closing costs such as a down payment, or fees
    associated with your refinance, may be lower than
    those paid on traditional loans.

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  • Your VA specialist will calculate these types of
    potential costs for you.

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FRINGE BENEFITS OF LOW INTEREST RATE REFINANCING
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  • One of the often overlooked benefits of
    refinancing during periods where fixed rate loans
    are tied into low interest loans is the ability
    to reduce the term of the mortgage.

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  • A mortgage loan term is simply the number of
    years a loan is financed for. A fixed rate loan
    is a loan whose interest rate is locked in and
    will never be subject to increase.

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  • It is common to finance a home for periods up to
    30 years. Many home owners choose the longest
    term possible in order to decrease the amount of
    the monthly payment.

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  • While this is a good option, it is also an option
    that causes the amount of money paid back
    throughout the years to be considerably higher
    than what would be repaid on a shorter term loan.

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  • With interest rates at rock bottom, there may
    never be a better opportunity to refinance for a
    shorter term loan.

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  • Because rates are so low, you might be pleasantly
    surprised at how reasonable monthly payments are
    on a shorter term mortgage.

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  • The amount of savings on short-term financing can
    be substantial. Shift those savings over to your
    retirement fund and create a win-win for the
    familys future.

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Fixed Vs. Variable
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  • In the past it was fairly common to get creative
    with mortgage financing by tying loans into a
    variable rate.

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  • Variable rate loan payments fluctuate over time,
    often increase in a dramatic fashion, and can
    increase when the Federal funds prime rate rises.

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  • For those with a variable or adjustable rate
    mortgage, there is no better time than the
    present to refinance and get locked into a low
    interest fixed rate mortgage.

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  • Savings on a fixed rate mortgage, particularly at
    the current low rate, will add up nicely over
    time.

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If you are uncertain about whether or not
refinancing is the best option for you, take time
to sit down with your VA specialist and discuss
your unique situation.
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In just a matter of a few minutes you can
determine if refinancing is the best financial
move for your familys fiscal health.
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Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans use
their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
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  • Jimmy Vercellino, NMLS 184169
  • Mortgage Originator Specializing in VA Loans

The views expressed here are those of the
individual author and do not necessarily
represent those of First Choice Bank (NMLS
177877) and First Choice Loan Services Inc. (NMLS
210764). Equal Housing Lender. 7702 E.
Doubletree Ranch Road, Scottsdale AZ 85258 The
views expressed on this site are those of the
individual author and do not necessarily
represent those of First Choice Bank (NMLS
177877) and First Choice Loan Services Inc. (NMLS
210764).  Equal Housing Lender.
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