Saving Money!

Lowering your interest rate by as little as 1% can save you thousands of dollars ("no cost" refinances may make an immediate impact on your savings).

• Lower monthly payments

• Shorten your term

• Cancel Mortgage Insurance

*Please keep in mind that you don't start saving money until after you have recovered the costs of refinancing. Look for a mortgage with few or no points, even if it has a slightly higher rate. Check your mortgage note for a "Prepayment Penalty Clause"; not all mortgages have them. This is a hidden cost of refinancing.

Using your equity

The equity that you have in your home is the value of your home minus the outstanding mortgage balance.

• Replace your existing mortgage with a larger amount mortgage

• Consolidate Debt

• Get a second Mortgage

• Make home improvements

*Please keep in mind that the choice you make must be based on what you plan to do with the extra money, how much you'll need, and how quickly you plan to pay it off. Compare the costs of a new first mortgage versus a second mortgage on large loans. Usually, a second mortgage will be cheaper up-front, even though it has a higher rate. On smaller loans, compare second mortgages, unsecured personal loans, and a line-of-credit mortgage.

Restructuring

Restructuring your mortgage simply means NEW payment terms for an existing mortgage loan.

• Combine two mortgages into one

• Turn an ARM loan ( adjustable rate mortgage ) into a FIXED RATE loan.

• Change the date of the Monthly due payment

*Please keep in mind that replacing an ARM with a fixed-rate mortgage will cost you money up-front, and may raise your monthly payments. But knowing your payment is fixed over the life of the loan could be well worth the costs. When replacing a maturing second mortgage, be sure to compare the costs of a new second mortgage with the costs of replacing both your old first and second mortgages with a new first mortgage.