
NATALLIA MANN
iMortgage4u Inc
NMLS ID: 2322976
8743 The Esplanade, apt. 33
ORLANDO, FL 32836
YOUR LOAN ORIGINATOR
407-970-8245
NMLS ID: 2014061
LICENSE: LO73211

Refinance
When refinancing makes sense?
Lowering your monthly payment – when your goal is to pay less every month, you can either refinance into a loan with a lower interest rate or a longer loan term. However, extending the term means that you pay more interest in the long run.
Paying off the loan faster – you can switch to a mortgage with a shorter term and, as a result, pay less interest over the life of the loan. One downside to this is that your monthly payments will probably go up.
Getting rid of FHA mortgage insurance – whereas private mortgage insurance (PMI) on conventional home loans can be canceled, you can only get rid of FHA mortgage insurance premiums by selling your home or refinancing when you have accumulated enough equity (equity can be calculated by estimating the value of your home, then subtracting your mortgage balance from that number).
Cashing out – if you have significant equity in your home, you may be able to cash out a portion of it with a refinance to pay bills, finance a large purchase, or buy out an ex-spouse in a divorce.
Switching from an adjustable rate to a fixed rate loan – interest rates on adjustable rate mortgages (ARMs) can increase over time, while the ones on fixed rate loans stay the same. If you’re looking for more of a sense of financial stability and would prefer making steady payments on your loan, then you might want to consider refinancing.
Consolidating debts – if you have multiple loans, it might make sense to consolidate them into a single loan; it’s easier to keep track of payments that way.
How does Refinance process work?
Refinance is done in the same manner as when you bought your home: you will need to submit documents to verify your ability to repay, your home will need to be appraised, and closing costs will be paid at closing.
Use the “Loan Comparison Calculator” below to compare your current loan to possible lower interest rate loans to see your monthly and overall savings.
Loan Comparison Calculator
Contact me
If you need an immediate response, call me at (407) 970-8245