Idaho Refinance Mortgage – Four Possible Reasons To Refinance

An Idaho mortgage is generally the largest debt most homeowners have to manage.  It’s a good idea to give your personal Idaho real estate finance portfolio a check-up at least once a year.

Since there are many reasons a homeowner may choose to refinance there idaho mortgage, we’ll take a look at the four most common.

1.  Idaho Mortgage Rates Drop:

Typically, the most common reason that homeowners refinance their Idaho mortgage is to secure a lower interest rate. Interest rate and loan amount determines the total cost that a borrower will pay.

The lower the interest rate, the less the overall cost will be. Interest is calculated on a daily basis and usually paid back to the lender on a monthly basis.

2.  Lower Payments:

Lowering a mortgage payment can be achieved by lowering the mortgage rate, lengthening the loan term, combining two or more loans or removing mortgage insurance.

3.  New Mortgage Program:

An Adjustable Rate Mortgage (ARM) to a new Fixed Rate Mortgage (FRM), combining a first and second mortgage or paying off a balloon loan are three possible reasons to explore a Idaho refinance.

4.  Debt Consolidation:

If there is sufficient equity, sometimes paying off consumer debt by combining all debts into one lower monthly mortgage payment can significantly reduce the short-term deficits in a budget.  However, it’s important to keep in mind the total cost of that debt by adding it into a 30 year mortgage payment.

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Frequently Asked Refinance Questions:

Q:  Do I have to refi with my current mortgage company?

No, you may choose any company to refi your mortgage with since the new loan will replace the existing mortgage.

Q:  Is it easier to refi with my current mortgage company?

It is possible your current mortgage company may require less documentation, but this could add additional cost or a higher interest rate. Do your homework and shop around to make sure you’re getting the best deal.

Q:  Will I automatically qualify if I’ve never made any late payments?

No, you will have to qualify for your new refinance. However, certain programs will allow for reduced documentation like a FHA to FHA Streamline Refinance.

If you have questions about whether or not it would be a good idea or not to refinance your idaho mortgage feel free to contact us to go over your options.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Loan Officer
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
HTTP://FINDYOUAHOMELOAN.COM

 

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