affordable home payment call us
apply online
affordablehomepayments.com affordablehomepayments.com affordablehomepayments.com affordablehomepayments.com


FAQs

What is a Mortgage Refinance?

Mortgage Refinance replaces your current mortgage of a home with a new loan with the aim to have a more favorable or affordable interest rate and manageable terms. The new loan funds are used to repay your existing loan while any remaining money can be used to your best advantage.

Example: Mr. A and Mr. B both took out mortgage loan worth $ 10,000. After five years, both of them paid off $40,000. Mr. A took another loan of $80,000 to repay the existing loan of $60,000 and the remaining balance to fulfill other financial obligations, while Mr. B took another home loan worth $ 60,000 in order to repay the unpaid loan balance.

The first case of Mr. A is thus a “cash-out refinance” and the second one of Mr. B “simple refinance”.


What are the benefits of a Mortgage Refinance?

The different benefits of a Mortgage Refinance are as follows:

  • To save more
  • To pay down your mortgage quickly
  • To pay off Extra cash for credit cards
  • To consolidate into one loan from 2 loans
  • To convert into a Fixed Rate Mortgage (FRM) from an Adjustable Rate Mortgage (ARM)


Can I undertake the Mortgage Refinance Program by myself?

Yes definitely but it requires possessing the required knowledge and expertise on law and finance. It is also generally seen that the borrowers are not having good terms with the lenders. Some of the lenders are more interested in the profits as there are chances of more profits out of a foreclosure and most of the banks lack well trained loan officers who can negotiate or set up a Mortgage Refinance. The recent updates and time required to solve such issues are also the criteria where a professional expert really has an edge. Although a lot of information regarding Mortgage Refinance is available, the exact information is just not available and difficult to comprehend.


Describe what is second mortgage?

As the name suggests a second mortgage is a type of refinance on your home that helps you to acquire second loan in addition to your first home loan.


What is the significance of reverse mortgage?

Reverse mortgage as the name suggests helps the owner of the home to transform some of the equity into cash.


Describe what does mortgage principle mean?

The mortgage principle is the amount of loan money owed to the lender that a homeowner borrows excluding the interest.


What is meant by a mortgage lender?

A mortgage lender is a financial institution that provides the funds to prospective homeowners over a long-term period to pay off their home loan mortgage. Borrowers are required to pay monthly installments to their lender which includes principle, interest, and additional lender fees.


Compare between a mortgage banker and a mortgage broker?

A mortgage broker is the middleman who helps match borrowers with lenders based on corresponding needs and standards. Mortgage bankers actually distribute and finance the largest portion of home loans compared to all other lenders. While mortgage brokers arrange more than 80% of all transactions between borrowers and lenders.

twitter  facebook  my space
     Home  |   About  |   Contact  |   Sitemap  |   Resources

©copyright 2010. All right reserved



Start Today and Close Your
Home Loan in Half the Time
of Most Other Lenders!

Mortgage Refinance Form

Name*

E-mail*

Home Phone*

Work Phone*

Property Use*

Property Type*

Loan Purpose*

Loan Program*

Remarks*


Mortgage Refinance
Mortgage Rate
Buying a Home
Refinancing a Home
Car Refinance Loan
Refinance Loan
No doc Mortgage Refinance
Bad Credit Car Refinance