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Homeowners refinance not just to take advantage of low rates, but to reduce their mortgage costs, pay off their mortgage earlier, or help pay off debts. FixedMortgage.com can help make refinancing quick and easy by simplifying the process and providing assistance at each stage.
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Please Note: Programs with a greater number of points are available.
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If the rate you pay on your existing mortgage is higher than current interest rates, you may save money by refinancing. You may most benefit from refinancing if:
- You plan on living in your home for a number of years
- You've built up considerable equity in your home
Fixed Rate Mortgages
A fixed rate mortgage offers the stability and consistency of predictable monthly payments for the life of the loan. It may be a good choice for people who expect to live in a home for an extended period of time, or who want to lock in current low interest rates. With a fixed rate mortgage, payments remain constant, allowing you to plan and budget without factoring potential interest rate fluctuations.
Features of Fixed Rate Mortgage Programs:
- Choose any repayment term from 5 to 40 years.
- Jumbo from 5 to 30-year terms for loans over:
1-unit: $417,000
2-unit: $533,850
3-unit: $645,300
4-unit: $801,950
- Minimum loan balance of $50,000
- Maximum loan balance of $5 million
Adjustable Rate Mortgages
With a typically lower mortgage payment, Adjustable Rate Mortgages (ARMs) are an increasingly popular alternative to the conventional fixed rate mortgage for homeowners trying to get the most home for the lowest payment. The downside of the lower payment is a potential increase in the monthly payment over time, if interest rates rise. Therefore, ARMs are most appropriate for people who anticipate an increase in their income during the life of their loan, or who plan on moving in five to seven years.
Features of Adjustable Rate Mortgage Programs:
- Standard 1-month, 3-month, 6-month and 1, 3, 5, 7, 10 year initial fixed interest period with up to 40-year term
- Jumbo 1-month, 3-month, 6-month, and 1, 3, 5, 7, 10 year for loans over:
1-unit: $417,000
2-unit: $533,850
3-unit: $645,300
4-unit: $801,950
- Payments can be reset once a year, twice a year, or monthly dependent upon the program
- Many ARMs have a "cap" on the amount the mortgage interest can rise, to protect you against dramatic increases in interest rates
- Minimum loan balance of $50,000
- Maximum loan balance of $8 million
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