Keep you Property, Preserve Your Credit

Refinancing requires income and credit to support a new loan. Refinancing enables you to keep your property and preserve your credit.

Refinancing with a different lender is not always the best solution. If you are not careful your monthly payments could be higher. The total amount owed will increase.

How can what I owe increase?

If you owe $100,000 on your home and refinance, you will need to add mortgage brokerage fees and other expenses onto that total. Your total amount owed in this example could be $105,000 or more.

Your monthly payments may be the same or higher than before, even with a lower interest rate, because of the higher balance.

Explore a Fixed Mortgage

If your mortgage is an ARM (adjustable rate mortgage), refinancing is usually helpful. By refinancing into a fixed rate mortgage, you may lower your monthly payments.

Refinancing is more difficult because lenders are tightening their credit standards. If your income cannot pay your present mortgage, you might not convince another lender to offer a loan with a reasonable interest rate.