In our first video blog entry, Scott talks about restructuring your mortgage to help consolidate debt.
Until Next Time!!
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Are a homeowner in Georgia looking to refinance your mortgage but you owe more than your home is worth?
You may be a candidate for a HARP refinance loan despite your homes value. There a few requirements for obtaining a Georgia HARP loan and the process can be a little complicated but don’t sweat it. ...Continue Reading →
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.Continue Reading →
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 ...Continue Reading →
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 ...Continue Reading →
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 ...Continue Reading →