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
Preferred Mortgage Lender
Jodi Siegel - NMLS ID: 857678
Vice President, Mortgage Lending
P: 908.334.4352 F: 727.509.8703
49 Main Street, Madison, New Jersey 07940
Guaranteed Rate Affinity, LLC is a registered trademark of Guaranteed Rate, Inc., used under license. Guaranteed Rate Affinity, LLC is a subsidiary of Guaranteed Rate, Inc.; NMLS #1598647; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply Guaranteed Rate Affinity, LLC is a registered trademark of Guaranteed Rate, Inc., used under license. Guaranteed Rate Affinity, LLC is a subsidiary of Guaranteed Rate, Inc. FL - Lic# MLD1480
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