Back
to topHow long will it take to refinance my mortgage,
and what do I have to do?
What is a FICO score?
Should I consolidate my other debts or just refinance my current
mortgage?
What are the advantages of dealing with a mortgage broker for
my financial needs?
Why would I use the equity in my home to borrow money?
What is equity?
How much of the equity in my home am I able to borrow?
The timeliness of your refinance depends upon several factors. One is how quickly you, the client, would like the loan to be closed. Another varies on how quickly the appraisal and title work are completed by outside sources. At Riverfront Mortgage, it is our goal to close your loan as quickly and efficiently as possible, and we take care of all of the details for you.
The documents that you must provide to quickly obtain your refinance are proof of your past 2 years’ income in the form of W-2’s and tax returns and recent pay stubs. If you are self-employed we have programs available to expedite your loan also. The other documents to speed up the loan process are your Homeowner’s Insurance Dec page, a copy of the deed to your property, and a few minutes of your time.
At Riverfront Mortgage,
we are here to simplify your refinance so that the process is as quick and easy
as possible. So, call us or APPLY ONLINE today to begin saving money each month
with a lower monthly payment!
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A FICO score is
your credit score that was developed by Fair Isaac & Co., and it is a method
of determining whether it is likely that you will pay your bills. It began in
the 1950’s and has become a reliable means used by lenders to evaluate
credit of potential borrowers.
Credit scores are calculated by scoring models and mathematical tables that
assign points for different pieces of your credit information. The credit bureau
models have been developed from information in consumer credit bureau reports.
Some of your credit history factors include:
• Late Payments
• Amount of time credit has been established
• Amount of credit used vs. amount of credit available
• Time at current residence
• Employment history
• Negative credit information such as bankruptcies, charge-offs, collections,
etc.
In most cases, it would be best to consolidate as many of your outstanding debts as possible into your home mortgage loan. By doing this, you will be paying only one low monthly payment rather than multiple high interest payments. This can save you thousands of dollars over the life of the loan. Also, your mortgage interest may be tax deductible. Another important benefit to consolidating is that the interest on your mortgage is fully amortized, meaning that the interest is usually a fixed amount, unlike credit card debt, which is compounded daily. Your monthly savings by consolidating your open debts into your home mortgage loan could greatly improve your financial situation now and in the long run. Equity in your home is one of your greatest assets, but it only works for you when you lend against it.
What are the advantages of dealing with a mortgage broker for my financial needs?
• A mortgage
broker is able to pass on the lowest rates in the market to the client by dealing
directly with the wholesale lending institutions.
• A mortgage broker offers its clients more flexibility letting them choose
the structure of their loan. Whether you want to consolidate your debts, take
out cash for investments, or just refinance your current mortgage, a broker
can advise you on all aspects of your finances.
• A broker can lend up to 100% of the appraised value of your home. The
equity in your home is only valuable when you lend against it, and a broker
can make more of that value available to you.
• A mortgage broker is able to work with clients who have less than perfect
credit. If you have credit problems, call us today for a free consultation.
• A broker can speed up the lending process by taking care of all of the
details necessary to close your loan. We will make your loan as quick and easy
as possible, starting you on your way to real financial freedom.
Why would I use the equity in my home to borrow money?
There are many reasons to use the equity in your home. Cash can be pulled out for debt consolidation, home improvements, to purchase a vehicle, vacations, education, weddings, investments, and more. The interest rate on mortgage loans is almost always lower than other types of loans, and much lower than credit card debts. A mortgage loan could save you thousands of dollars in interest over the long run when you use it to pay off high interest loans. Whatever you need cash for now, a using the equity in your home is the best way to borrow. Your interest may even be tax deductible. Check with your tax preparer or accountant for more details.
Riverfront Mortgage is here to help you find the best loan package to meet your needs at the best rate available. We have a variety of different loan options to choose from. So, call us today for a FREE REVIEW of your financial situation, or APPLY ONLINE now!
Equity is simply the value of a homeowner's unencumbered interest on real estate. Simply stated, the fair market value of the home, minus any outstanding liens or debts against the property, equals equity. A homeowner's equity increases as the mortgage is paid off and as the property appreciates in value. When a mortgage and all other debts against the property are paid in full, the homeowner has 100% equity in his or her property.
The amount of equity that you have in your home gives you the power to borrow money at the lowest possible interest rates, and the interest paid each year could be tax deductible. This is the greatest advantage of being a homeowner. Most lending institutions will only lend up to 80% of your home’s appraised value. Riverfront Mortgage has loan programs that could enable you to borrow up to 100% of the appraised value of your home to fund home improvements, college education, investments, a new vehicle, or whatever your need may be.
How much of the equity in my home am I able to borrow?
Riverfront Mortgage is able to lend up to 100% of the appraised value of your home. There are some stipulations concerning this loan product. They include the appraised value of your home, your credit score, verifiable ability to pay, available equity based upon the appraised value, and your present mortgage balance.
Contact Riverfront Mortgage today for more information about the variety of loan products we have to offer.