 708-597-8884 - S.W. |
Definitive information about Home Buying, Mortgages, Credit and Financial Recovery. Get information & straight answers to all of your mortgage questions, no fluff, no hype, no pressure. |
 |
|
[Apply Online] [Rate Quote] [Get Pre-Qualified] [Calculators] [Loan Process] [Español] [ Affiliates/Discounts] [Email Us] [ home] |
||
Our Mission  Our History Our Team Our Partners Our Customers Our Privacy Policy Our Ethics Code
|
| TV - Save Even More! TV - Like A 21% Raise? Radio - Solid Advice, No Foolin' Radio - 3 myths |
|
Our guiding principle: Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live. |
| [read more about us] |
 |
|
Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884
Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
Refinance Considerations
When you're making your decision, there are several things in mind.
Refinance Once Then Do It Again
When rates fall steadily, refinancing may make sense even if you have done so
once already. Bob and Michelle Barbo of Kirkland, Wash. refinanced twice within
three months in 1998.
Build Home Equity Faster
Many borrowers use a refinance to shorten the term of the mortgage. And brace
yourself: Even at low rates, a shorter term means a higher monthly payment. The
benefit is that you'll build up equity faster and pay far less in total interest
over the life of the loan.
Get Your Hands on Some Cash
Another way to make a refinance work for you is to refinance for more than the
balance remaining on your old mortgage -- in effect, tapping your home equity,
or "cashing out," in mortgage speak.
Trade Your ARM For a Fixed Rate
By switching to a fixed-rate loan, you will not only reduce your payment, you
will also likely lock in an attractive rate for as long as you own your home.
Mortgage Refinance Costs
When you refinance your mortgage, you usually pay off your original mortgage and
sign a new loan. With a new loan, you again pay most of the same costs you paid
to get your original mortgage.
Analyze Your Savings
Check the market closely to determine the available rates and the costs
associated with refinancing. These costs can include items such as an appraisal
and other various fees and points.
Paying Points For a Lower Rate
In refinancing, a mortgage company usually offers a range of interest rates
at different amounts of points. A point equals one percent of the loan amount.
For example, three points on a $100,000 mortgage loan would add $3,000 to the
refinancing charges.
Your Personal Income Taxes
With a lower interest rate on your home loan, you will have less interest to
deduct on your income tax return. That, of course, may increase your tax
payments and decrease the total savings you might obtain from a new,
lower-interest mortgage.
Consider Other Mortgage Programs
If you are thinking about refinancing your mortgage, you might want to consider
other types of mortgages. For example, you might want to look into a 15-year,
fixed-rate mortgage.
Deciding To Refinance
Traditionally, the decision on whether or not to refinance has meant balancing
the savings of a lower monthly payment against the costs of refinancing. But in
recent years, companies have introduced "no cost" and low-cost refinancing
packages that minimize ...
Refinance Calculator
Calculate your refinance savings.
|
|
|
