You want to look into refinancing when the interest
rates are lower than your current rate. The rule of thumb is to refinance if you
can reduce your current rate by at least 2%.
Keep in mind, there are closing costs when you refinance.
2. Should I get a HELOC to update my home?
It’s a great idea to take out a HELOC(Home
Equity Line of Credit) loan to make renovations; however, you must be careful
to spend responsibly. Many homeowners get in over their head. Only take out
what is necessary.
When should I get pre-approved?
You should get pre-approved before you start
searching for a home. You don’t want to fall in love with a home and have your
heartbroken to find out you cannot afford it. When you ask a lender to pre-approve
you, they will ask you for personal information such as your social security,
income, debt etc.
What is a mortgage commitment?
A mortgage commitment is when the bank has enough
confidence based on your bank statements, assets, debt, income, etc. to
“commit” the loan to you. Keep in mind, a proper mortgage commitment goes
through underwriting first.
Mortgage and Refinance Consultations Are ALWAYS Complimentary
For ADA assistance, please email email@example.com. If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information you seek through an alternate communication method.