BEST TIMES TO REFINANCE

YOUR MORTGAGE

Is It Time To Refinance Your Mortgage?

There are a number of reasons to consider

refinancing your mortgage.

If you are eligible for a VA Loan, or even if

you currently have one, there may be no

better time than the present to investigate

refinancing options.

LOW INTEREST RATES

While interest rates are

currently at historical lows, the

widely held consensus is that

the Federal Reserve Board will

begin slow, modest periodic rate

hikes in the immediate future.

It is a great time to lock in at

the current rate before that

acceleration begins. Check

the existing rate of interest

on your mortgage.

It is possible that refinancing

now may decrease the interest

rate associated with your

mortgage. Lowering the interest

rate can have dramatic results.

Generally it will decrease the

dollar amount of monthly

mortgage payments, while also

decreasing the overall amount

you will pay out during the life

of the loan.

Veterans who are eligible for a

VA Loan may enjoy some extra

perks during refinance.

Closing costs such as a down

payment, or fees associated

with your refinance, may be

lower than those paid on

traditional loans.

Your VA specialist will calculate

these types of potential costs

for you.

FRINGE BENEFITS OF LOW INTEREST RATE REFINANCING

One of the often overlooked benefits of

refinancing during periods where fixed rate

loans are tied into low interest loans is the

ability to reduce the term of the mortgage.

A mortgage loan term is simply the number

of years a loan is financed for. A fixed rate

loan is a loan whose interest rate is locked in

and will never be subject to increase.

It is common to finance a home for periods up

to 30 years. Many home owners choose the

longest term possible in order to decrease the

amount of the monthly payment.

While this is a good option, it is also an

option that causes the amount of money paid

back throughout the years to be considerably

higher than what would be repaid on a

shorter term loan.

With interest rates at rock bottom, there may

never be a better opportunity to refinance for

a shorter term loan.

Because rates are so low, you might be pleasantly

surprised at how reasonable monthly payments are

on a shorter term mortgage.

The amount of savings on short-term financing can be

substantial. Shift those savings over to your retirement

fund and create a win-win for the family’s future.

FIXED VS. VARIABLE

In the past it was fairly

common to get creative

with mortgage financing

by tying loans into a

variable rate.

Variable rate loan

payments fluctuate over

time, often increase in a

dramatic fashion, and can

increase when the Federal

funds prime rate rises.

For those with a variable or

adjustable rate mortgage,

there is no better time than

the present to refinance and

get locked into a low

interest fixed rate mortgage.

Savings on a fixed rate

mortgage, particularly at the

current low rate, will add up

nicely over time.

If you are uncertain about whether or not refinancing is the best option for you, take time to sit down with your VA specialist and discuss your unique situation.

In just a matter of a few minutes you can determine if refinancing is the best financial move for your family’s fiscal health.

Mortgage Originator Jimmy Vercellino,

specializing in VA loans, helps veterans

use their VA loan benefit to their

greatest advantage.

Be a proud homeowner today.

For more details call 480-351-5904 or

visit the site www.valoansforvets.com

Jimmy Vercellino, NMLS 184169

Mortgage Originator Specializing in VA Loans

The views expressed here are those of the individual author and do not necessarily represent those of First Choice Bank

(NMLS #: 177877) and First Choice Loan Services Inc. (NMLS #: 210764). Equal Housing Lender.

7702 E. Doubletree Ranch Road, Scottsdale AZ 85258 The views expressed on this site are those of the individual author

and do not necessarily represent those of First Choice Bank (NMLS #: 177877) and First Choice Loan Services Inc. (NMLS #:

210764). Equal Housing Lender.