Best Timestore Finance 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.