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- Buying a Home? Make sure to follow these steps.
- Getting a Mortgage: 10 Things Must be Considered
- Getting Your First Mortgage: Guide to Ease
- Shopping for a Mortgage: 8 Things to Know Before You Go
- What Are Conventional Loans?
- What Are The Tax Benefits of Buying A Home?
- What Is A Jumbo Loan?
- What is a Subprime Mortgage?
- What Is A VA Loan?
- What Is An Adjustable Rate Mortgage?
- What Is An FHA Loans?
- Your DTI: How It Affects You
- Your First Home Should be An Investment Property
- Your Mortgage Get Approved: Don’t do these things
- Mortgage Online: Protect your information when applying.
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Are you paying a high interest rate on your current home mortgage? Refinance with United Mortgage Plus and reduce your monthly payment by up to $500 dollars.* Get your free rate quote today by filling out the above form and see how much you can save today! To begin the refinance process, you can fill out our application here
*The amount you can save by refinancing is dependent on your current interest rate and remaining principle amount. Total finance charges may be higher over the life of the loan.
The process of revising and replacing the terms and conditions of an existing loan is called refinancing. It is done usually to bring more favorable changes to the already acquired loan. If this is approved the borrower gets a new agreement and older terms will be replaced. borrowers usually look for refinancing when their credit scores are improved. This is because the borrower will settle better terms. For instance, when interest rates drop.
There are many different types of refinancing options. The loan grant depends on the type of borrower. The financing options include rate and term financing, Cash-out refinancing, Cash-in refinancing, and Consolidation refinancing. Among these refinancing options, Rate-and-term refinancing is the most common. This occurs when the existing loan is repaid and the new loan is acquired with lower rates and new agreements. A cash-in refinance allows the borrower to pay down some portion of the loan for a lower loan-to-value (LTV) ratio or smaller loan payments. Consolidation refinancing is the type of refinancing which requires the borrower the acquire a new loan and pay the existing loan with the new loan and therefore the new loan interest will be lower.
