Commercial Mortgage Broker What can your commercial mortgage broker do for you? If you have not ever met with your commercial mortgage broker now is a good time too. A commercial mortgage broker can offer you a wide variety of products and services - such as a commercial ... How do I know whether or not I will end up saving money when refinancing my home loan? To save money, you must live in your house longer than the "break-even period" - the period over which the interest savings just cover the refinance expenses. The larger the spread between the new interest rate and the rate on your existing loan, ... Save My Home! If you are facing foreclosure on your home, you are not alone! Millions of home owners will lose their homes in the next few years. Mortgage payments will skyrocket as $1 Trillion dollars of adjustable rate mortgages adjust. Their payments are based ...
Refinance
The 2% Rule Many CPA's across America advise their clients to refinance their present mortgage when they can reduce their interest rate by at least 2%, and/or shorten the term remaining to pay off the mortgage. Reasons to Finance There are many good reasons to refinance your current mortgage, or get a second mortgage and pull equity out of your home. Here are just a few. 1. Adding structural additions or improvements to your home. 2. Get a lower mortgage rate and reduce interest costs. 3. Obtaining funds for investment 4. College tuition for your children. 5. Paying off other debt, such as credit cards, in order to reduce your total monthly outlay. Consider The Following When selecting a Home Improvement Loan consider all of the following: 1. Minimum & Maximum loan limits. 2. Terms (The shorter the term the lower the overall finance charge/higher monthly payment, longer the term the less the monthly payment/the greater the overall finance charge). 3. Loan type's: Home Equity, HELOC's, FHA 203K, Cash Out Refinance, Secured Consumer loans such as Retail Installment Obligation (RIO's), and Unsecured RIO (loan terms from 12 months). 4. Interest Rate and loan costs. For example: A no closing cost HELOC at prime or prime plus 1/2 may be tax deductible, and may be used to draw upon for FUTURE Home improvement projects with no "out of pocket" loan charges.
Improving your home can increase its value. Investing wisely can help create a larger net worth. Both could pay off in retirement benefits for you. Be careful. Don't risk the security of your home on frivolous spending. About the Author Ron Vignari M&M Resources Unlimited, Inc. Helping customers since 1986 1577 Ridge Road West, Suite 119 Rochester, NY 14615 Office: (585) 865-0950 Fax: (585) 865-3202 Toll Free: 1-800-937-2350 Licensed Mortgage Banker/NYS Banking Department
