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Refinancing
Refinancing may be a good idea if you're looking to save on your monthly payments. Find out if refinancing is right for you.
or call 888-585-1590
Sometimes due to external circumstances we end up with rates that are less than ideal. A refinance loan can help lower your rate and thus your monthly payments making your experience more comfortable and saving you potentially thousands.
If you have a financial need like an interest in paying off credit card debt, home rennovations, large purchases or investments, a home equity line of credit (HELOC) refinance is a great way to go.
If you initially signed for a loan with an adjustable rate and have decided you need the stability of something fixed, or you want to take advantage of the fluctuations and potentially lower rates through an adjustable rate mortgage, refinancing gives you the option to choose.
Looking to pay off your mortgage in less than 30 years? Refinancing to a 10-year or 15-year fixed loan can be a great option for many homeowners to take years off their mortgage and reduce the amount of interest paid over the life of their loan.
Importance of Credit Scores
Credit scores are critical to the approval of a loan, so it's important to nurture yours and take good care of it. Things happen where credit scores naturally drop, but there are things you can do to ensure you can keep it under relative control, even in difficult and uncertain times.
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Pay your bills on time. Late payments lower your credit score. Typically, payments less than 30 days late don’t affect your credit score. Make sure you are consistently paying your bills on time.
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Don’t max out your credit cards. Lenders look at your total credit card debt and how much available credit you have left on your cards. When you don’t have much available credit left on your cards, this is a red flag to lenders.
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Don’t close out your credit cards. Keeping your credit cards open with available credit improves you score. Credit cards also help with length of credit history. If the interest rate is high on the card you are considering closing, call the credit card company and ask them about lowering your rate. This works more often than you might think.
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Limit the number of credit inquiries. When a creditor checks your credit this is a “hard inquiry” and lowers your score. Avoid too many inquiries into your credit.