Mortgage and Refinance

1.  Should I refinance?

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.



3.     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.


4.     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  

Preferred Mortgage Lender

Jodi Siegel - NMLS ID: 857678

Vice President, Mortgage Lending

P:  908.334.4352