Great Benefits When Refinancing | Valor Lending Group
Is it time to Refinance?
The number one reason to refinance is to reduce your interest rate. Historically, refinancing is a good idea if you can reduce your interest rate by at least 1%. If you are looking to lower your interest rate, consolidate debts, get cash from your equity, it may be a good idea to refinance.
The past couple years have left many people feeling uncertain of what there is to come. Refinancing your mortgage however can give you some breathing room when it comes to saving money. By refinancing your mortgage, you can lower your monthly rate and start filtering your savings to other places in need of that money. The rate of individuals refinancing has gone up by 38% from last year.
When you refinance your mortgage, you are essentially taking out a new loan on your property and usually for the remainder that you owe. There will be several factors when it comes to refinancing your mortgage, which includes how much equity you have in your house and your credit score.
Refinancing sounds like a great idea but it is not the right decision for every individual.
Having a team of professionals on your side to be there with you along the way is a must. Valor Lending Group is the team you need. We work with the very best to get you the loan you need. We pride ourselves on being the best in the business and we look forward to showing you that.
Check out the proven benefits of refinancing below.
CONTACT US to refinance today!
Proven Benefits of Refinancing
Lower your monthly mortgage payment
You may have purchased or cash-out refinanced a year ago and now your principal loan balance is high. The equity you have could be much lower, and in turn, refinancing will lower your payment significantly! It doesn’t hurt to inquire about seeing what your new lower payment amount could be.
Lower your interest rate
When you purchased your home or refinanced in recent years, the rates are always fluctuating and, as of today, could be much lower than they were. You may want to look into what the rates are today by contacting your local mortgage professional.
Eliminate Private Mortgage Insurance (PMI)
PMI is a significant payment added to your monthly mortgage obligation. If you have at least 20% equity in your property and are still making a payment that includes PMI, then a refinance could be ideal. Not only will it eliminate the additional monthly expense, but your payment will be set back to a 30-year amortization, effectively lowering your monthly payment due.
Provide funds to put towards purchasing an investment property or second home
As a property investor or owner looking to expand the horizons by purchasing an additional property, the asset you have in your home equity can be a huge help. You can use the equity you have earned from an increase in the value and the principal payments you have made to increase that equity. You would not be losing that equity; essentially, you would be moving it from one property to another and diversifying your portfolio.
Lower your loan term to pay off your mortgage faster
If you lock into a 30-year mortgage, it can seem like a lifetime to pay off the mortgage, but have you considered refinancing into a shorter-term mortgage? By doing so, you can pay off your most significant monthly obligation by getting into a 15 year fixed term and paying it off faster.
Turn your home equity into cash for home improvements
Turn that kitchen or entertainment area into what you have always pictured since you bought your home. You can do it! Turn that equity into your chef’s kitchen or backyard into the oasis for your block parties.
Pay off or consolidate debt
Stop paying those high rates on your loans and credit cards. You can refinance your property to get out of the 7% personal loan or 24% credit card interest rates into a mortgage rate below 5%!
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 10% down Jumbo’s up to $1.5mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans
- High Balance Conforming aka Super Conforming
- Jumbo’s to $10 Million / 10% down Jumbo to $1.5mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Cash Out Refinancing
CONTACT ME TODAY for immediate attention to your scenario!
If you are interested in refinancing Give us a call and let’s discuss.
**Rates and terms subject to change without notice**
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