News: Home Buyers | 4 Types of Homeowners Who Should Refinance in Madison WI, Denver CO, St Louis MO Apply Now

  • News 4 Types of Homeowners Who Should Refinance | Mortgage Loans Colorado Madison WI

loan-mortgage-loans-low-rate-low-fee Loans Madison WI St Louis MO Denver CO Hannibal MO Online Loan Applications

Home » News » Home Buyers  » 4 Types of Homeowners Who Should Refinance |‪(970) 585-4546 |  | Refinance | Tools | Contact 

| Mortgage Loans CO - Estes Park, Denver | Mortgage Loan WI - Madison, Milwaukee | Mortgage Loans MO - Hannibal, O'Fallon

 Apply Now              Loan Officers               | Buy a Home              Refinance 



4 Types of Homeowners Who Should Refinance4 Types of Homeowners Who Should RefinanceHome Buyers  \  February 23, 2015 10:00 am
The recent drop in home mortgage interest rates is impossible to ignore (especially if you keep up with this blog) and it has really opened up the door for existing homeowners to lock in some better rates on their current mortgages.

The problem is that a lot of homeowners are unsure if it's the best financial move for them. Well, today we will clear this up for at least four of the different types of homeowners who most certainly should look into refinancing right now.

Homeowners Still Paying Mortgage Insurance, Especially LPMI

With mortgage rates down as low as they are presently and home values up, this creates a opportunity to rid yourself of paying that monthly mortgage insurance. This is especially true if the buyer is locked into a deal with LPMI.

Now is a great time for homeowners who have LPMI mortgages to refinance.

LPMI, lender-paid mortgage insurance, is one type of mortgage insurance that adds the cost of the insurance to the overall mortgage loan itself. So, a buyer who was originally quoted for a home loan at say 5% and ended up getting a LPMI mortgage loan that would end up being upwards of 5.25% for the entire duration of the loan.

Homeowners with Mortgages at 4.5% Interest Rates

For homeowners with original home loan interest rates sitting at 4.5% interest or above, it's time to look into refinancing. Shockingly, over 4 million homeowners in the US have interest rates above 5%. That is pretty high with the low rates available right now. If this is you, it's time to contact a mortgage lender ASAP and see about getting refinanced.

Private Mortgage InsuranceHomeowners with current FHA Mortgages

Owners with FHA mortgages have a great opportunity to refinance right now. In our article a couple weeks ago we talked about the best streamline refinance programs available right now and the FHA Streamline Refinance made the cut. This refinance lives up to its name by waiving a lot of the verifications and documentations necessary with typical refinances. Some homeowners are also eligible for another bonus and that is Canceling FHA MIP via a refinance. Look into it, folks! There's no reason to continue paying more than you should for your home.

Homeowners with current VA Mortgages

Last but not least we have the homeowners with VA Mortgage loans. This type of mortgage refinance is similar to the FHA with the more lenient refinance rules and little verification red tape to jump through. 
On top of this, VA mortgage refinances do not require mortgage insurance or appraisals and you could even be underwater with your existing home loan and STILL be eligible to refinance right now. Additionally, because the interest rates for VA loans are hovering in the 3% ranges, this has made meeting the VA's required “Net Tangible Benefit” stipulation completely possible.

Contact us here at Lendem Financial today and let's discuss your options for a refinance.

 

fha-loan-purchase-a-new-home-get-approved-home-buying-couples Missouri Wisconsin Illinois Missouri ColoradoMortgage Lending Real Estate Knowledge Base

Questions about buying or selling your existing home? 

Categories:  All | Choose a REALTOR | Working with a REALTOR | Buying | Selling Financial | Homeowners

 «  1 | 2 | 3 | 4 | 5   »

Mortgage and Real Estate News Categories

Buyers |  | Market Conditions |  |  | Mortgages |  |  | Purchase |  |  | Realtor |  |  | Refinance

Home Financing Archive

August 2013 | September 2013 | October 2013 | November 2013 | December 2013 | January 2014 | February 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | December 2014 | January 2015 | February 2015 | March 2015 | April 3015 | May 2015 | June 2015 | July 2015 | August 2015 | September 2015 | October 2015 | November 2015 | December 2015 | January 2016 | February 2016 | March 2016 

va-loan-Thank-you-for-your-service

Real Estate Lending Options

About Lendem Financial

Company | Senior Loan Originators

Home Purchase Loans in Madison and Milwaukee WI 

Home Loans in Madison WI, Denver CO and St Louis MO

VA, FHA USDA Loans Springfield, Hannibal, St. Louis, MO

New Home Mortgage Loans Denver, Boulder, CO

Google Maps: Mortgage Loans Madison WI | O'Fallon MO | Denver CO

Facebook: Mortgage Wisconsin | Mortgage Missouri | Mortgage Colorado

Download: Mortgage Loans Colorado App



Apply Now              Buy a Home              Refinance



  ‪(970) 585-4546


Mortgage Loans Colorado Madison WI, Denver CO, St Louis MO | ‪(970) 585-4546 | What is VA Cash-Out Refinance Loan? | Facts about Wisconsin's VA Loan Programs | How to Clean Up Your Credit to Get the Best Mortgage Loan | 3 Things to Do Before Getting Your First Mortgage Loan | Mortgage Calculator Options with Loan Quotes. Get Started Now With Mortgage Loans Colorado ! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP,  VA Loans, ARM
Home Mortgage Madison WI | Refinancing, Home Purchase Loan | Serving all of Wisconsin including Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI

 

Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.