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Refinance rates are lower than you think, but they won’t be forever

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Refinancing with NewRate Lending

Refinance your mortgage with NewRate Lending and lock in a lower interest rate to save thousands of dollars over the life of your home loan.

Whether your goal is to reduce your monthly mortgage payment, cash out some of your equity, or shorten the term of your mortgage loan, we’ll take care of your needs.

Advantages of Refinancing

Refinancing may be the right choice for your financial situation depending on your current rate and term

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  • Increase your cash flow
  • Opportunity to switch to a different loan type
  • Convert your adjustable-rate (ARM) or a balloon mortgage to a fixed rate loan
  • Reduce your term by switching to a shorter term mortgage
  • Roll a current 2nd mortgage into a new loan
  • Access some of your home’s equity

How to decide?

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If there’s a prepayment penalty for early payment of your current loan, this will add to the refinance cost.
If you plan on staying in your current home for an extended period of time, and the interest rates are 1/2% to 5/8% lower than your current rate, refinancing may likely be the right option for you.
NewRate will compare your existing loan with a new loan. Your break-even point is when your savings from your new loan equals the cost of getting the new loan.
• An origination charge which may include fees such as application or processing.
• Discount points to lower your interest rate further. (May be tax deductible. Consult your tax advisor regarding deductibility).
• Other settlement charges such as appraisal, credit report, title search, and title insurance fees.

Financing Basics

If you obtain a loan to lower your monthly payment you will repay more than the principal amount you borrowed.

Interest Rate

The interest rate is the percentage of the loan amount charged to borrow money. Interest rates are based on market conditions, your credit score, the amount of down payment, and the type of mortgage.

Discount Points

One point equals 1% of your mortgage loan amount. You may be able to pay one or more points to lower your interest rate. A lower interest rate means lower monthly mortgage payments. You may be able to finance points as part of your mortgage amount. Points are usually tax deductible.

Origination Charge

This includes all charges (other than discount points) that the loan originators (lenders and brokers) will receive for originating the loan. This charge covers items including fees, document preparation, underwriting costs and other expenses. You may be able to finance the origination charge as part of your mortgage amount.

Loan Term

This is the amount of time you have to pay off your mortgage balance. Shorter loan terms typically mean higher monthly mortgage payments, but typically have lower interest rates. If you pay off your mortgage balance within a shorter term, you will typically pay less in total interest than with a longer-term mortgage.

The total cost of a mortgage includes the interest rate, discount points, and origination charges. This total cost is known as the annual percentage rate (APR), which is typically higher than the interest rate. The APR enables you to compare mortgages of the same dollar amount by taking into account the total annual cost of the mortgage.

What is "PITI"?

Principal Interest Taxes Insurance

Your monthly mortgage payment is typically made up of four parts.

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Lowering Your Payment

When interest rates drop, it’s likely you can refinance your current loan to one with lower monthly payments

If your original loan had a down payment that was below 20%, you’re likely paying PMI. If you have made loan payments for a period of time, you may now have enough equity to eliminate PMI which could lower your monthly mortgage payments.
If you need to lower your monthly payments, a longer-term loan can usually help you achieve this, but will increase the total interest you’ll pay over the life of the loan.
If you are likely going to be staying in your home for an extended period of time, it probably makes sense to pay discount points to reduce your interest rate. One discount point (which equals 1% of your loan amount) reduces your interest rate approximately 0.25%, reduces monthly payments and interest over the life of a fixed-rate loan, and may be tax deductible. (Consult your tax advisor)
Adjustable rate mortgages have interest rates and payments that will change (increase or decrease) over time, based on the term and market rates at the time of adjustment.

Loan Application Criteria

When your loan application is complete, NewRate will review the following four components.

Income

  • Do you have a steady source of income to make monthly payments?
  • Income can come from your primary job, a second job, and part-time jobs. It can also come from overtime, bonuses, and commissions.
  • Other sources of income may also be considered – including retirement, veteran’s benefits, disability payments, alimony, child support, rental income or investment income – provided they can be verified as reliable and likely to continue for at least three years.

Current debts and credit history

  • Lenders examine your payment history before deciding to loan you money.
  • For example, do you pay your bills, loans, credit cards, and other debts on time?
  • A borrower’s credit history and credit score are also examined prior to a loan decision being made by your lender. It’s a good idea to check your credit history and correct any problems before applying. A NewRate representative can assist you in doing so.

Available Funds and Assets

  • Do you have enough funds to pay closing costs?
  • You may use funds from a savings account, certificate of deposit (CD), investments, and from a retirement account.
  • You may also be able to use a gift from a relative, friend, employer, or not-for profit organization.
  • You will also likely have to demonstrate that you have additional funds in your accounts to cover several months of mortgage, tax, and insurance payments.

The Property

  • What is the market value of your property?
  • NewRate will order a property appraisal to make sure your property’s value meets our underwriting requirements.

refinance under the HARP program

If you owe more than your home is worth, you may be able to refinance under the HARP program.

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Home Affordable Refinance Program (HARP)

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP).

What is HARP?

The Home Affordable Refinance Program, also known as HARP, is a federal program of the United State.

Set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Fannie Mae.
  • The mortgage must have been sold to Fannie Mae on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.