There’s Still Time to Refi

Time’s running out for a refinance!

If you haven’t started your refinance yet, now’s the time! Don’t miss out on these historically low rates by calling your local Inlanta Mortgage advisor today for a mortgage check-up to see if you could benefit from a refinance.

Here are a few reasons to consider refinancing today:

  1. Lower your interest rate: There’s a chance you could be paying a higher interest rate than today’s rates. By lowering your rate, you’ll save money on your monthly mortgage payments that frees up cash to help meet other financial goals or live more comfortably month to month.
  2. Shorten the life of your loan and save money: Refinancing to shorten a 30-year to a 20-year or even a 15-year term can save you money over the lifetime of the loan. With this extra cash if the loan is paid off earlier, you may be able to retire earlier, travel or even build up investment portfolio.
  3. Drop the PMI: With the current increase in many home values, a refinance could help you drop PMI (premium mortgage insurance) to help lower your monthly payment amounts.
  4. Pay down debt: Use the extra monthly cash saved by lowering your mortgage payment to help pay down debt, or even do a cash-out refinance to pay off credit card debt, car loans, personal loans, school loans, etc.
  5. Make necessary home renovations: If you love your home and plan to be there for a while, you may want to consider a cash-out refinance loan to get the money you need to make the home renovations you’ve always dreamed of, and have time to enjoy those updates!

These rates will not last, so don’t miss out on this window of opportunity! Refinance today.

Reasons to Refinance in 2019

Reasons to Refinance in 2019

This year brings good news for homeowners with the current mortgage market presenting a window of opportunity for refinancing due to continued favorable mortgage interest rates, increased home values, and tax law changes effective 2018* due to the Tax Cuts and Jobs Act (TCJA).

For many homeowners, refinancing today offers the opportunity to reduce the rate on your mortgage in order to reduce monthly mortgage payments, save money, meet certain financial goals, and more

Here are a few reasons to consider refinancing in 2019:

  1. Lower your interest rate: If it’s been a while since your last mortgage check-up, there’s a chance you could be paying a higher interest rate than today’s rates. By lowering your interest rate, you’ll save money on your monthly mortgage payments that frees up cash to help meet other financial goals or live more comfortably financially month to month.
  2. Shorten the life of your loan and save money: Refinancing to shorten a 30-year vs 15-year term can save you money. With this extra cash, you may be able to retire earlier if the loan is paid off earlier, travel, or even build up investment portfolio.
  3. Drop the PMI: With the current increase in many home values, a refinance could help you drop PMI (premium mortgage insurance) to help lower your monthly payment amounts.
  4. Pay down debt: Use the extra monthly cash saved by lowering your mortgage payment to help pay down debt, or even do a cash-out refinance to pay off credit card debt, car loans, personal loans, school loans, etc.
  5. Make necessary home renovations: If you love your home and plan to be there for a while, you may want to consider a cash-out refinance loan to get the money you need to make the home renovations you’ve always dreamed of.

Inlanta Mortgage offers different types of refinance loans to meet our customers’ needs for each unique financial situation. If you’re wondering if refinancing is right for you, contact your local Inlanta Mortgage loan expert to get started.

 

2018 New interest rate deductibility limits! *

Mortgage interest deduction. You generally can deduct interest on mortgage debt incurred to purchase, build or improve your principal residence and a second residence. Points paid related to your principal residence also may be deductible.

For 2018–2025, the TCJA reduces the mortgage debt limit from $1 million to $750,000 for debt incurred after Dec. 15, 2017, with some limited exceptions.

Home equity debt interest deduction. Before the TCJA, interest was deductible on up to $100,000 of home equity debt used for any purpose, such as to pay off credit cards (for which interest isn’t deductible). The TCJA effectively limits the home equity interest deduction for 2018–2025 to debt that would qualify for the home mortgage interest deduction.

*2018-19 Tax Planning Guide by Sikich LLP, CPA

 

 

 

FHA Refinance Loans Available to More Borrowers!

Lower FICO Score Requirement for FHA Refinance

Borrowers with credit scores 620 and above may now be eligible to refinance their homes using an FHA loan.

Do you want to refinance your home using a FHA loan program? Due to new lower credit score requirements, you may now have the opportunity to qualify for an FHA refinance loan despite a few black marks on your credit report.

Lower FICO Score

Borrowers with FICO scores 620 and above may now be able to qualify for an FHA regular or streamline refinance loan. This reduced FICO score may help borrowers who pay their bills on time take advantage of near record low mortgage rates.

Contact a licensed Inlanta Mortgage loan professional for more details regarding FHA refinancing.

In case you missed it, you may be interested in knowing there are important deadlines for FHA borrowers. Check out our recent blog post FHA Borrowers Face Deadline to see why applying for an FHA loan before March 28th is so important.

Why Refi?

The number one reason to refinance is to get a lower mortgage rate. Use our calculator to input a lower interest rate and to estimate how a reduced mortgage rate could lower your monthly payment. Contact a licensed mortgage loan officer near you to discuss your refinancing options.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.