| ELITE MORTGAGE SERVICES, INC. |
| REFINANCE |
| CONTACT US NOW Phone: (239) 354-0058 Fax: (888) 607-4420 info@elitemortgageservicesinc. com |
Refinancing your mortgage can lower your monthly payment, or shorten the length of your loan.
You can start the loan refinancing process by clicking the pre-qualification line below. If you want to know for sure
where you stand, I have included the official Uniform Residential Loan Application and Credit Release form which can
be printed and faxed to me.
We are available to help you every step of the way. Just call us at (239) 354-0058, fax at (888) 607-4420 or e-mail us
at info@elitemortgageservicesinc.com
Refinance Pre-Qualification
Loan Application
Credit Release Form
If you receive an error message when trying to download either of the above forms, you might need to first download
the acrobat reader.
Understanding Refinance
Refinance issues to Review
There are many things to consider when refinancing your home loan. The fees associated with refinancing can add
up quickly so, many mortgage companies will waive fees associated with refinance application and legal fees. This fee
reduction can amount to large savings for the home but may result in a slightly higher percentage rate than expected.
It is important to talk about your options with your loan officer. Additionally, the amount of time you plan to spend in
your home should impact your decision to refinance. Many mortgage lenders will allow home owners who expect to
stay in their home for a minimum of three to five years to pay “points” and closing costs upfront which ensures the
home owner obtains the lowest percentage rate available.
Evaluate Your Assets
Saving money is important to many consumers in today’s economy and refinancing your home is one way you can
lower your monthly payments. A careful analysis combined with the advisement from a mortgage broker will ensure
that you make the right decision. The costs associated with refinancing are similar to those obtaining an original home
loan and include legal fees, application fees, settlement costs, and other related fees. When refinancing, additional
fees will arise and could include a fee charged if you paid off your original mortgage early, the points associated with
refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount
of the home loan. However, many mortgage brokers can offer zero point loan cost refinancing. Therefore, given if
your rate change is less than one percentage point, you will be able to save some money by refinancing. Contact your
home loan advisor to discuss the programs and laws governing the fees charged by mortgage companies & the
potential savings yearly.
Deciding to Refinance
The decision on whether or not to refinance has, in the past, meant balancing the savings of a lower monthly payment
against the costs of refinancing. In recent years, mortgage lenders have introduced "no cost" and low-cost refinancing
packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. With traditional refinancing,
the interest rate for your new mortgage is often about 2 percentage points below the rate of your current mortgage.
However, with the newer low and no-cost refinancing programs offered, home owners can find it valuable to refinance
to obtain a smaller reduction in interest rates.
Cash Out Refinance
Many mortgage lenders will offer a refinance package where you refinance for more than the balance remaining on
your old home loan. In the mortgage world this is called “cashing out”. The economy has also caused interest rates to
drop recently which may allow you to refinance your home without increasing your monthly payments. The extra cash
that results from refinancing can be used for many purposes; one of the smartest ways to use these funds is to pay off
any loans with higher interest rates. If you are in a positive position regarding debt you may be interested in using the
money for a more enjoyable purpose, such as building an addition on to your home. How ever you decide to spend the
money, your mortgage broker can help you through the process.
Will Paying Points Affect my Rate?
When home owners make the decision to refinance their home loan they must decide which interest rate will work best
for their situation. There is typically a range of interest rates at different amounts of points. Remember, a point is equal
to one percent of the loan amount. When you work with you your home loan representative you will be able to analyze
the different interest rates and related points, which can save you money. Some combinations of interest rates and
points may cause your monthly payment to increase though. Be sure to discuss all options with you home loan advisor
before making a decision.
Refinance Expenses
The costs associated with refinancing are similar to those of obtaining an original home loan and include legal fees,
application fees, settlement costs, and other related fees. When refinancing additional fees will arise and they can
include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the
home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan.
Your Second Refinance
Refinancing makes sense for many of our clients because refinancing can result valuable savings. Now is also a good
time to refinance for a second time. The timing is important because when interest rates are falling quickly you can
reduce your monthly payments even further. Your mortgage brokers will also help you understand the tax write off
associated with a second refinance. The money that American’s are saving can be used to build emergency cash
funds, build additions onto their homes, or they can save it for a child’s college fund.
Converting Your ARM to a Fixed Rate
Home owners have two rate options when refinancing their home loan, fixed rate mortgages and adjustable rate
mortgages, often referred to as ARMs. ARMs are attractive in today’s economy because they offer very low
introductory rates but due to financial market instability these rates can jump quickly and homeowners may find
themselves paying more than they had bargained for. Adjustable rate mortgages are not always unpredictable though.
Homeowners who know the length of time they plan to stay in their home may secure an ARM for that specific amount
of time, which will save the homeowner money and avoid rising payments
Refinance and Taxes
Mortgage brokers are knowledgeable of the laws governing taxes that are related to mortgages. Many homeowners
find the tax issues related to the home loan refinance process confusing, but your mortgage broker will guide you
through the process. To explain briefly, the Internal Revenue Service (IRS) has ruled that interest paid for refinancing
must be deducted over the life of the loan. However, if the home loan is being used to make improvements to your
house, the borrowers may be permitted to deduct a portion of the interest right away. The exact tax laws concerning
refinancing are complex and the details should be discussed with your mortgage broker. The IRS website, www.irs.gov,
may also be helpful when gathering general information on the subject of taxes and refinancing.
You can start the loan refinancing process by clicking the pre-qualification line below. If you want to know for sure
where you stand, I have included the official Uniform Residential Loan Application and Credit Release form which can
be printed and faxed to me.
We are available to help you every step of the way. Just call us at (239) 354-0058, fax at (888) 607-4420 or e-mail us
at info@elitemortgageservicesinc.com
Refinance Pre-Qualification
Loan Application
Credit Release Form
If you receive an error message when trying to download either of the above forms, you might need to first download
the acrobat reader.
Understanding Refinance
Refinance issues to Review
There are many things to consider when refinancing your home loan. The fees associated with refinancing can add
up quickly so, many mortgage companies will waive fees associated with refinance application and legal fees. This fee
reduction can amount to large savings for the home but may result in a slightly higher percentage rate than expected.
It is important to talk about your options with your loan officer. Additionally, the amount of time you plan to spend in
your home should impact your decision to refinance. Many mortgage lenders will allow home owners who expect to
stay in their home for a minimum of three to five years to pay “points” and closing costs upfront which ensures the
home owner obtains the lowest percentage rate available.
Evaluate Your Assets
Saving money is important to many consumers in today’s economy and refinancing your home is one way you can
lower your monthly payments. A careful analysis combined with the advisement from a mortgage broker will ensure
that you make the right decision. The costs associated with refinancing are similar to those obtaining an original home
loan and include legal fees, application fees, settlement costs, and other related fees. When refinancing, additional
fees will arise and could include a fee charged if you paid off your original mortgage early, the points associated with
refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount
of the home loan. However, many mortgage brokers can offer zero point loan cost refinancing. Therefore, given if
your rate change is less than one percentage point, you will be able to save some money by refinancing. Contact your
home loan advisor to discuss the programs and laws governing the fees charged by mortgage companies & the
potential savings yearly.
Deciding to Refinance
The decision on whether or not to refinance has, in the past, meant balancing the savings of a lower monthly payment
against the costs of refinancing. In recent years, mortgage lenders have introduced "no cost" and low-cost refinancing
packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. With traditional refinancing,
the interest rate for your new mortgage is often about 2 percentage points below the rate of your current mortgage.
However, with the newer low and no-cost refinancing programs offered, home owners can find it valuable to refinance
to obtain a smaller reduction in interest rates.
Cash Out Refinance
Many mortgage lenders will offer a refinance package where you refinance for more than the balance remaining on
your old home loan. In the mortgage world this is called “cashing out”. The economy has also caused interest rates to
drop recently which may allow you to refinance your home without increasing your monthly payments. The extra cash
that results from refinancing can be used for many purposes; one of the smartest ways to use these funds is to pay off
any loans with higher interest rates. If you are in a positive position regarding debt you may be interested in using the
money for a more enjoyable purpose, such as building an addition on to your home. How ever you decide to spend the
money, your mortgage broker can help you through the process.
Will Paying Points Affect my Rate?
When home owners make the decision to refinance their home loan they must decide which interest rate will work best
for their situation. There is typically a range of interest rates at different amounts of points. Remember, a point is equal
to one percent of the loan amount. When you work with you your home loan representative you will be able to analyze
the different interest rates and related points, which can save you money. Some combinations of interest rates and
points may cause your monthly payment to increase though. Be sure to discuss all options with you home loan advisor
before making a decision.
Refinance Expenses
The costs associated with refinancing are similar to those of obtaining an original home loan and include legal fees,
application fees, settlement costs, and other related fees. When refinancing additional fees will arise and they can
include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the
home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan.
Your Second Refinance
Refinancing makes sense for many of our clients because refinancing can result valuable savings. Now is also a good
time to refinance for a second time. The timing is important because when interest rates are falling quickly you can
reduce your monthly payments even further. Your mortgage brokers will also help you understand the tax write off
associated with a second refinance. The money that American’s are saving can be used to build emergency cash
funds, build additions onto their homes, or they can save it for a child’s college fund.
Converting Your ARM to a Fixed Rate
Home owners have two rate options when refinancing their home loan, fixed rate mortgages and adjustable rate
mortgages, often referred to as ARMs. ARMs are attractive in today’s economy because they offer very low
introductory rates but due to financial market instability these rates can jump quickly and homeowners may find
themselves paying more than they had bargained for. Adjustable rate mortgages are not always unpredictable though.
Homeowners who know the length of time they plan to stay in their home may secure an ARM for that specific amount
of time, which will save the homeowner money and avoid rising payments
Refinance and Taxes
Mortgage brokers are knowledgeable of the laws governing taxes that are related to mortgages. Many homeowners
find the tax issues related to the home loan refinance process confusing, but your mortgage broker will guide you
through the process. To explain briefly, the Internal Revenue Service (IRS) has ruled that interest paid for refinancing
must be deducted over the life of the loan. However, if the home loan is being used to make improvements to your
house, the borrowers may be permitted to deduct a portion of the interest right away. The exact tax laws concerning
refinancing are complex and the details should be discussed with your mortgage broker. The IRS website, www.irs.gov,
may also be helpful when gathering general information on the subject of taxes and refinancing.
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |