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Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity to pay off other debts, make home improvements, or for many other reasons.
Need refinancing options on your home, investment or vacation property, or other real estate? Choosing how and when to refinance your mortgage in a strategic way that matches your goals and your individual scenario can feel overwhelming. At NEO, we work with you to determine the best scenario for you.
We help make the home refinance process a whole lot easier, with tools and expertise that will help guide you along the way.
We will present you with straightforward analysis that clearly illustrates the differences between your current mortgage and available refinance options. Whether your goal is a faster payoff, use of equity, or maximized cash flow, you’ll see the data to have the confidence and peace of mind that comes with making an informed decision.
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The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The intial interest rate of an ARM is lower then that of a fixed rate mortgage, consequently, an ARM maybe a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or the prevailing interest rate for a fixed mortgage is to high.
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can get approved even if you have less-than-perfect credit. The Federal Housing Administration or “FHA” requires a down payment of only 3.5% of the price of the home. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.
Your service to our country can qualify you for this special loan program. VA Loans are backed by the U.S. Department of Veterans Affairs and are available to eligible applicants who are Current Service Members, Veterans, or Surviving Spouses to use towards the purchase of their home. Some of the significant advantages include borrowing with no PMI, low closing costs and interest rates, and 0 down payment.
In Florida’s Real Estate Market it’s easy to find homes that exceed the limits for regular financing options. A home mortgage becomes a Jumbo Loan when it exceeds the loan amount limits set by Fannie Mae & Freddie Mac. If you’re looking to finance more than $510,400 a Jumbo Loan may be the right tool for you.
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. It can also allow you to refinance your existing home that is in need of repairs Plus, the down payment requirements are minimal, and often you get decent interest rates.
There are many benefits, including: no down payment required; borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage.
A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit.