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Mortgage Education

Home Refinancing Options

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Completing a Mortgage Refinance can be a smart way to improve for your financial situation. Depending on your circumstances you may want to undergo mortgage refinancing for any of the following reasons:

  • Mortgage Refinance To Lower Your
    Mortgage Rate & Payment
    Even a small reduction in your mortgage rate can have a significant impact in the long-run. Refinancing to lower your monthly payment frees up cash flow, so you can manage your money more effectively. Furthermore, if you plan to stay in your home for a long time, you may want to mortgage refinance and consider buying down your rate to reduce your monthly payment. If you have equity in your home, home loan refinancing could enable you to lower your mortgage payment significantly.
  • Mortgage Refinance To Consolidate Debt
    If you have debt outside of your mortgage and you have equity in your home, it may be time to consider refinancing your home. You are likely paying a much higher interest rate on credit cards and auto loans, and by mortgage refinancing you could roll all of these debts into one tax deductible loan. Credit card interest rates may be as high as 25%. Refinancing your home to pay off and consolidate debt under one low mortgage rate and monthly payment may be a smart alternative for you. A well structured home refinance could save you a great deal of money.
  • Mortgage Refinance To Get Cash Out Of Your Home
    Completing a mortgage refinance can get you cash out of your home for a variety of purposes, including education expenses, vacations, other investments, home improvements and more. Mortgage refinancing could be a better option than using high-rate credit cards or personal loans.
  • Mortgage Refinance To Pay off Your Home Loan Faster
    A mortgage refinance can be structured to pay off your home quicker. Instead of refinancing into a typical 30 year mortgage, you could get a 20, 15, or even 10 year fixed so you pay it off quicker. Also, many home refinance loans give you the option of paying more on your principal every month so you can pay down your home loan fast as well. Refinancing can allow you to consider multiple options and/or types of mortgage loan products.
  • Mortgage Refinance To Move To A Fixed Rate From An ARM
    Adjustable Rate Mortgages (ARMs) are great when mortgage rates are low. However, as rates increase that ARM quickly becomes a significant burden. That's when it is time to consider mortgage refinancing into a fixed rate loan. Especially if you plan on staying in your home for a few years, refinancing your mortgage loan into a stable fixed rate may make a great deal of sense and give you more peace of mind.
  • Mortgage Refinance To Eliminate Private Mortgage Insurance (PMI)
    If you were unable to make a down payment of at least 20% when you first obtained your mortgage loan, you may be paying PMI. If your house has appreciated and/or you have paid down your existing mortgage, you may be able to mortgage refinance your home to eliminate your monthly PMI payment. Along with possibly lowering your rate, a mortgage refinance could reduce your monthly mortgage payment considerably.

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Today's Mortgage Rates

Loans up to $417,000 Rate* APR* Points*
30 Year Fixed 3.500 3.829 3.612
15 Year Fixed 2.625 3.168 3.402
7 Year ARM 2.375 3.518 3.878
5 Year ARM 2.250 3.597 3.305
3 Year ARM 2.250 3.815 3.410
FHA Rates Rate* APR* Points*
30 Year Fixed 3.250 3.984 0.404
15 Year Fixed 2.750 3.825 2.393
Veteran Loan Rates Rate* APR* Points*
30 Year Fixed 3.250 3.449 0.654
15 Year Fixed 2.750 3.398 2.643
USDA Rates Rate* APR* Points*
30 Year Fixed 3.500 3.828 -0.407
*Rate/APR/Points for $260K loan,
Massachusetts property,
middle credit score 740,
80% LTV, Rates effective 12/02/2016
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AmeriSave Mortgage Corporation, NMLS ID #1168, (www.nmlsconsumeraccess.org); Corporate Office: 3525 Piedmont Rd NE, 8 Piedmont Center, Suite 600, Atlanta, GA 30305. Additional licensing information may be found by clicking here on this "Licensing" link. For questions regarding state licensing, please contact (866) 970-7283. Not all products and options are available in all states. Terms are subject to change without notice. Some people portrayed are professional models. ©2016 AmeriSave Mortgage Corporation.
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