REFINANCE
Loans
Ahhh refinancing! We all love saving money, and if rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan, or to extract cash equity in your home (cash out).
A few reasons for cashing out include: home improvement, an education fund, and consolidating debt. When you close on your mortgage loan, you’re not stuck with the same one forever! Many homeowners refinance their mortgage at some point during the life of the loan (even more than once), for a number of different reasons that put them in a better financial position.
Another way to convert equity in your home to cash is a “home equity” loan. A “home equity” loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan. So even if rates are on the rise, there are still other ways you can benefit from your home.
Please note that by refinancing your existing loan, your total finance charges may be higher over the life of the loan.
REFINANCE LOANS
EXPLORE PRODUCTS
Renovations needing 6 months or less. Lower credit scores and down payments.
Learn MoreZero money down and 100% financing available if you live outside of a metro area.
Learn MoreLoan amounts from $417,000 up to $3,000,000. Credit scores as low as 680. As little as 15% down.
Learn MoreCALCULATOR
Your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.
Just as an example, let’s say you are borrowing $250,000.00 for 30 years with an interest rate of 5.875%. If the value of your home is $300,000.00, your property taxes $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $1,958.01. This is because you need to pay $1,478.84 toward the actual loan, plus $250.00 for real estate taxes and $125.00 toward insurance. Since your loan to value ratio is 83.33%, you will also have to pay PMI for 16 months which will add an extra $104.17 a month. Don’t forget to drop the PMI when the 16 months is complete and you might save yourself some money each month. Canceling your PMI will require a reappraisal of your home in most cases.
WHO ARE WE?
Family First Funding LLC is a State Licensed Mortgage Bank founded in 2011 and headquartered in Toms River, New Jersey, licensed in 35+ states. Our responsibility as mortgage professionals goes beyond just providing a rate quote. We help each client determine what their financial goals are and qualify them for a successful mortgage investment. We want you to feel empowered to make informed decisions on your mortgage. Buying a home is not only a huge financial investment, it is also a deeply rewarding experience. As you begin this next chapter, we’re grateful to guide you through the process.
closing costs
There’s a stigma that follows FHA loans and conventional loans. Most people assume that FHA loans are for first-time home buyers and that conventional loans are for seasoned buyers…well, that’s not always the cases.
