What Is A Home Appraisal?

A home purchase is the largest, single investment most people will ever make. Whether it’s a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off.

So who makes sure the value of the property is in line with the amount being paid? There are too many people exposed in the real estate process to let such a transaction proceed without ensuring that ...

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Rolling Closing Costs Into a New Loan

When you refinance and pay closing costs, you can certainly roll in these expenses to the new loan if you so desire as long as you have enough equity to avoid paying PMI.

If you will be over the threshold by rolling in your closing costs we could set you up with a small 2nd mortgage to avoid paying the PMI. This way you still would not be required to come up with the cash to pay closing costs.

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Can I combine my first and second mortgages?

Oftentimes it may seem like a good idea to refinance to combine a first and second mortgages. If you have enough equity to keep your combined loans under 80% of the appraised value of your home this may work. There are some considerations however.

If you’re existing 2nd mortgage was not used to originally to purchase the home, it will be considered a “cash out” refinance and the lenders will charge a .50 discount point one time fee. Just multiply .0050 ...

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Will I have to write a check at closing with my refinance?

There may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage.

This means we must collect for the new escrow account whatever amount should be in that account at this time of year  You will receive a refund from your current lender, any funds they are holding in escrow for you – usually about 30 days ...

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Reasons to Refinance

Convert your adjustable to a fixed rate

When you bought your home originally or refinanced your home the last time, you most likely predicted that you would be moving prior to the expiration of your initial fixed rate period on your adjustable rate mortgage. Or because the rate was much lower at the time, it made sense to “risk it”. If you are reading this you most likely are planning on staying in your home past your initial fixed period. Depending ...

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Choose the Right Interest Rate for Your Mortgage

It’s not intuitive, but there are common scenarios whereby taking a higher rate on a mortgage can save you money. Here’s an example of the work we do for our clients — helping them get into a mortgage that best serves their needs.

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