Lower mortgage payments could provide more financial freedom.
When it comes to paying bills and loans, who wouldn’t want lower monthly payments? A new lower rate mortgage with better terms can help you reduce monthly payments and pay down your principal balance faster. And if you have an adjustable rate mortgage (ARM), refinancing may get you a better rate before your rate adjusts.
Refinancing your current mortgage can have multiple benefits including: A Lower Interest Rate - The market is constantly changing, and now is the time to take advantage of available low rates. With a lower interest rate, you can lower your monthly payments and pay less interest over the life of the loan. A lower rate can also free up cash to put toward paying the principal off more quickly.
What are the benefits of refinancing?
Shorten your mortgage term (e.g. 15-year instead of 30-year) with a lower interest rate lets you build equity faster, as a larger portion of the payments will go toward the principal.
Change an adjustable rate - If you have an adjustable-rate mortgage (ARM), the interest rate can change over time.
What types of home loans are available?
US Mortgage offers many types of home loans, each with unique advantages depending on your needs. Our mortgage specialists can help you find the loan that works best for you. Find out more and learn the pros and cons for each of these types of loans:
- Interest Only
- Non-QM (Sub-Prime and Bank Statements)
- FHA Insured
- VA Guaranteed Loans
What can I expect during the refi process?
Several factors are taken into consideration when you refinance your home, including your credit score, your debt-to-income ratio, and your loan-to-value ratio. Your U.S. Mortgage Funding Banker will explain the significance of each and help you find the loan that’s right for you.
With our streamlined process, you can get a new mortgage in three simple steps: apply, approve, close. Your dedicated Mortgage Banker will let you know what documents are needed (checklist), have your home appraised, and walk you through the entire process from beginning to closing.
Contact U.S. today at 1-312-448-8763 or via our contact page for more information.