3 Reasons to Consider a Refinance

Should you refinance?

If you’re a homeowner, chances are you’ve seen or heard that current mortgage rates are the lowest they’ve been in history.

Above all, this is great news for home-buyers. But have you considered what it may mean for you as a homeowner?

Whether you’ve been in your home for a while or not, refinancing may be beneficial for you. In this blog, we are going to discuss the reasons you should consider a mortgage refinance.

Here are our top 3 reasons to refi right now.

1. Lowest Mortgage Rates in History

What’s the #1 reason to refi now? Rates are the lowest in history! Refinancing may end up saving you hundreds on your monthly mortgage payments and maybe even thousands in interest over the life of your loan.

2. More Financial Freedom

With a refinance comes the potential opportunity to gain more financial freedom with the money you save on your payments. Use the extra money to pay down debt, build a savings, take a vacation, etc.

If you’ve been in your home several years, you may benefit from a cash-out refinance. This process involves accessing the equity in your home to get cash out. This can be used to meet larger financial goals or simply live more comfortably – whatever you choose to do!

3. Drop the Mortgage Insurance

If you originally purchased a home with less than 20% down, you’re likely paying PMI (premium mortgage insurance) or MIP (mortgage insurance premiums). Click here to see the difference.

This means you have an extra amount of money each month on your mortgage payment going to insurance. Refinancing could help you eliminate this which may again, lower your payments putting more cash in your pocket.

If you’re not sure whether you’re paying mortgage insurance or not, schedule a mortgage checkup with your local Inlanta loan advisor today!

In conclusion, these reasons and more make now an opportune time to refinance. Contact us today to help you get started.

Why You Should Refinance ASAP

If you bought or refinanced your home prior to April of this year, there’s a good chance you’ll save money by refinancing to a lower rate or shorter term. In fact, Inlanta has already helped many of our customers save money with a lower rate this year!

What are some of the benefits of refinancing now?

Lower your Interest Rate

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.

Skip a Payment

Did you know that when you refinance, you actually end up skipping a monthly mortgage payment once the process is complete? That means, you’ll have a month with some extra cash to put towards other financial goals like paying down high interest credit card debt, and what better time of year to do so than after the busy holiday season?

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 and start the New Year with a lower payment.

Make Necessary Home Renovations

Is a new kitchen on your holiday wish list? A cash-out refinance loan offers you the chance to get the money you need to make the home renovations you’ve always dreamed of.

There are so many great reasons to refinance now and take advantage of today’s low rates. They won’t last long, so don’t miss out on this opportunity to save money, or shorten your term to build equity faster. Contact your local Inlanta Mortgage loan advisor today to see how you’d benefit from a refinance.

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.

Refinancing Traps

shutterstock_112335221Refinancing Traps

Refinancing can be tricky, but a little preparation before starting the process goes a long way in avoiding mishaps along the way. Here are some common traps that many run into while refinancing their homes and ways you can avoid falling into the same traps.

 

The automatic payment trap

Did you know it can take up to two weeks to have automatic payments canceled? If your payments are made this way, be sure to turn it off before closing. You don’t want to pay for the same month twice!

The missed or late payment trap

Believe it or not, lots of people think they don’t have to keep making payments once they apply to refinance. Missing a payment could damage your credit and even preclude closing. Just be careful regarding your very last payment, as it should be made in time to assure it’s credited toward your payoff balance.

The tax escrow trap

The funds in any existing escrow account will typically be held until after the current loan is paid off. Since this money will not be available at closing, you need to be able to establish a new escrow account and/or pay any upcoming taxes from savings or the new loan proceeds.

The insufficient funds trap

The tax escrow trap can contribute to this, and so, too, can many other factors. For example, a low appraised value could limit your loan amount. As many loans are set up to cover all closing and escrow funds, it’s important to know that any necessary or unexpected adjustment could change the cash to close requirements accordingly.

 

We want you to be aware of these potential pitfalls before they have a chance to occur. Of course, we will work with you and on your behalf to prevent and avoid them.

 

Looking to start the refinance process? Find your local Inlanta loan officer here. Already going through the refinancing process? Reach out to your Inlanta representative whenever you have questions, and we’ll be happy to help.

 

Inlanta Mortgage, Inc. NMLS #1016.

 

Myths About Refinancing

Refi-Myths-Debunked

Mortgage Rates Drop – Many Question Refinancing

Last week, Freddie Mac posted the results of its Primary Mortgage Market Survey® announcing that mortgage rates have dipped to their lowest point since June of 2013. That begs the question, “Should I refinance?”

There is a lot of false information about refinancing floating around out there. Here are a few refinancing myths debunked that will hopefully encourage you to call your licensed Inlanta Mortgage loan officer. Inlanta loan officers are trained to assess your situation and give you straight up advice about your home financing situation. Find a loan officer near you using our branch locator for a free loan review to determine your potential savings and benefits.

Refinancing Myths Debunked

  1. “I’ve read that the rate needs to be 1% or 2% lower than my current one.” – When average loan amounts were much lower, it took a much bigger drop in rates to achieve tangible savings. Today, even small rate differences can make a big impact. The best way to determine value is to simply divide your costs by your savings. This provides a “break-even” period, and if you know you’ll be using your loan past this point, the rest is pure benefit.
  2. “I haven’t yet reached the break-even point from my last refi.” – That may be okay. Refinancing again will require additional investment, but it could get you to an overall break-even point—and greater savings—more quickly.
  3. “I don’t want to add years back to my loan.” – One of the benefits of the current rate market, is it can provide the opportunity to lower the term of your loan, paying your house off sooner and with less interest cost. If lowering your term is not your preference, keep in mind the new loan term created when you refinance is only on paper. You determine the actual length of the loan by how much you pay. If lowering your interest rate saves you $100 per month, add that money to your new payment. You will reduce your balance more quickly and reach free and clear ownership faster than you would by keeping your current loan.
  4. “It’s too expensive. I’d rather save my money.” – Refinancing is all about saving money! The historically low interest rates that make refinancing such a good deal right now also make “saving” your money in the bank a lousy one. Banks are paying just fractions of a percent to hold your cash, but investing in a refinance could save you hundreds of dollars per month for a far greater yield on your cash.

Refinancing can have other benefits, too. A lower rate may mean not only a smaller payment but more paid toward principal each month, too. You may be able to free up cash for renovating your home, financing a college education, purchasing a vacation home or investing in property without adding to your monthly expenditures.

Find a licensed Inlanta Mortgage loan officer near you using our branch locator to help you decide if refinancing now makes sense for you.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. 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 was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta was named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

What is HARP?

What is HARP?

What is HARP?

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

HARP Eligibility

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Refinance with HARP

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by using their respective Loan Lookup Tools.
  • Use our branch locator to contact a licensed Inlanta Mortgage loan officer near you.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. 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 named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012 and Fastest Growing Milwaukee-Area Firms.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.

HARP Mortgage Refinancing

HARP - Refinace Program

HARP Program Extended

Last week, the FHFA directed Freddie Mac and Fannie Mae to extend the HARP program for another two years. The program was set to expire for all mortgage applications received on or after December 31, 2013. The new cutoff date will be for applications with received dates by December 31, 2015.

What is HARP?

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

HARP Eligibility

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Refinance with HARP

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
  • Use our branch locator to contact a licensed Inlanta Mortgage loan officer near you. Inlanta is approved by Fannie Mae or Freddie Mac.

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.

Required HARP Disclosures – Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.”You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage/ or http://www.fanniemae.com/loanlookup/.  

 

Mortgage Rates Mixed – Still Near Lows

Mortgage Rates

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose slightly for the week ending December 20, 2012. The average 30-year fixed rate mortgage rose to 3.37 percent – from last week’s average of 3.32 percent. Last year at this time the 30-year FRM averaged 3.91 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell slightly to 2.65 percent from last week when the average was 2.66 percent. Last year at this time, the 15-year FRM averaged 3.21 percent.

 

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly to 2.70 percent – from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 2.86 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM fell slightly to 2.52 percent from 2.53 last week. Last year at this time, the 1-year ARM averaged 2.77 percent.

 

Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

 

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates were mixed this week following data reports on stable inflation and a thriving home construction market. The 12-month growth in the core consumer price index has remained between 1.9 and 2.1 percent for the past five consecutive months ending in November. Meanwhile, housing starts averaged the strongest three months in November since September 2008, and homebuilder confidence rose in December to its highest reading since April 2008.”

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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.

Mortgage Rates Ease Slightly

Mortgage Rates Hold Steady

Mortgage rates ease slightly – keeping home affordability low.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages eased for the week ending December 13, 2012. The average 30-year fixed rate mortgage fell slightly to 3.32 percent – from last week’s average of 3.34 percent. Last year at this time the 30-year FRM averaged 4.94 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell slightly to 2.66 percent from last week when the average was 2.67 percent. Last year at this time, the 15-year FRM averaged 3.21 percent.

 

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly to 2.70 percent – from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 2.86 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM fell slightly to 2.53 percent from 2.55 last week. Last year at this time, the 1-year ARM averaged 2.78 percent.

 

Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

 

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates held relatively steady following the November employment report. Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period. The unemployment rate fell from 7.9 to 7.7 percent. However, in its December 12 monetary policy statement, the Federal Reserve (Fed) noted that this rate remains elevated and modified the statement to tie any increases to its target rate to the unemployment rate falling below 6.5 percent. The latest Fed central-tendency forecast is for unemployment to be between 7.4 and 7.7 percent in the fourth quarter of 2013 and between 6.8 and 7.3 percent by late 2014.”

 

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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.

Mortgage Applications Skyrocket

Mortgage Applications Skyrocket!

Purchase applications increased by 13 percent and refinance applications jumped by 19 percent!

According to a survey released yesterday by the Mortgage Bankers Association – applications for mortgages in the U.S. jumped 18 percent last week. This is the highest level since May of 2009. Of the applications, purchase applications increased 13 percent from the previous week and refinance applications increased by 19 percent. Refinance applications comprise 79 percent of the total mortgage market.

“Mortgage application volume increased sharply last week. The increase was accentuated due to the comparison to the week including Memorial Day, but the level of refinance and total market activity is the highest since the spring of 2009,” said Michael Fratantoni, MBA’s vice president of research and economics.  “Refinance volume increased as borrowers were able to lock in at mortgage rates below 4 percent, and purchase application volume was its highest level in over six months.”

Inlanta Mortgage offers a variety of mortgage loan financing options for both purchase and refinance. Click here more details on FHA, USDA, VA and conventional loan programs or to learn more about your refinancing options.

For more information on average weekly mortgage rates according to Freddie Mac’s Primary Mortgae Market Survey (PMMS) – click here. Last week according to Freddie Mac’s PMMS the 30-year fixed-rate mortgage averaged 3.67 percent – the lowest level of all time.. Take advantage of these rock bottom rates and contact a licensed mortgage loan professional near you and apply today!

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# 1016Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.