Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Americus. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Is it really worth it? Excellent question... since the
refinancing process can take upwards of 2-3 months to complete,
plus the expenses and hassles of refinancing may outweigh the
benefits.
Not everyone should refinance just because rates are lower. The
general rule of thumb is to consider refinancing if rates are at
least 2% lower than your current rate. This is considered a safe
margin.
Also, consider these things...
Are you planning to sell the house at any time? If so, how far
into the future? It may not be beneficial to refinance now. Many
people who are "in the know" say that it takes 3 years to fully
realize the savings from refinancing; considering in all of the
costs of refinancing.
Will you have to pay a penalty for closing the current loan?
This may be substantial enough to change your mind about
refinancing.
Do you have an Adjustable Rate Mortgage? You may want to lock
your loan in at the lower rate if you are fairly sure the rates
will rarely, if ever, get this low again.
Do you want "Cash Out" to pay other debts, etc.? Keep in mind
that if you ask for "cash out refinancing" that the amount of
your loan is usually limited to 80% of your home's value. Of
course, all things being different, you should check with your
lender to see what exceptions may apply. If you need cash, but
the straight refinancing option isn't equitable, you might want
to consider getting a Home Equity Line Of Credit. This lets you
borrow against the equity in your home with a credit account,
checking account and/or direct payment.
Is your loan owned by Fannie Mae or Freddie Mac and if so, do
you have at least 5% equity in your home? The higher the
Loan-To-Value (LTV) number the better for you. Most lenders
expect you to have at least 10% equity in your home to qualify.
10% equity in your home gives you have a Loan-To-Value (LTV) of
90%. However, if your loan is owned by Fannie Mae or Freddie
Mac, your LTV could be 95% - meaning you only need to have 5%
equity in your home to qualify. Contact the company where your
mortgage payments are sent and ask them about your LTV.
Because each situation is unique, there are several more things
to consider. Spend a little bit of serious time researching this
topic until you are satisfied with the quality of answers you
have found in regard to your own situation.
The wrong decision could... well, hurt. The right decision could
end up saving you quite a nice little nest egg.
About the author:
To learn many more beneficial tips about the home mortgage
refinancing process, including the various fees to expect,
visit: http://www.privilegedinfo.com/refinancewisdom.html .
Steve Shannon is webmaster at PrivilegedInfo.com.