How do Late Payments effect my ability to get a loan?

 

Joe Niece

American Mortgage and Equity Consultants, Inc

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What types of refinance and debt consolidation loans are there?

Thanks for trusting us with the purchase or refinance of your home.


There are many reasons to refinance you home. Some of the most common are below.

 

Refinance to lower your monthly payment. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.

 

Refinance to shorten the term of your loan. If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low interest rates, you may find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying.

 

Refinance to lower your interest rate. As I mentioned before, interest rates are near a record low. And as I write this, 30-year mortgage rates are hovering above 3 percent and 15-year loans can be secured for an even lower rate. If your home is now financed at a higher interest rate, it may be a great time for you to consider refinancing. You could literally save tens of thousands of dollars just by taking the time to fill out the necessary paperwork and gather the needed documents.

 

Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.

 

Refinance to cash out home equity. It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy an investment property or start a business. It mostly depends on what you are trying to achieve and if you are someone who can manage your debts responsibly.

 

The Loan Process

Refinance and Debt Consolidation

What you must know about Proper Document Collection

How to get Down Payment Assistance

What Type of First Time Home Buyer Loans and First Time Home Buyer Programs are there?

How do I lock my loan?

Loan Programs

Renovation Loan Programs

What Type of Construction Loans are there?

HELOC's and Second Mortgages

Buying a Vacation or Second Home

Who Qualifies for a HARP Refinance?

What is a Reverse Mortgage? What are the different types of Reverse Mortgages?

How can my credit help or hurt me when getting a loan?

How accurate are scores from Credit Karma, Experian, Transunion and Equifax when applying for a mortgage?

What to do six to twelve month before you are ready to buy a home

How do Credit Card balances change my credit scores?

How does Bankruptcy, Foreclosure, Short Sale, Judgements and Collections effect me when getting a loan?

What is an Extenuating Circumstance when getting an FHA Loan?

What is an Extenuating Circumstance when getting an VA Loan?

What is an Extenuating Circumstance when getting a Conventional Loan?

What are the waiting periods after a Bankruptcy for getting a loan?

What are the waiting periods after a Foreclosure or Deed in Lieu for getting a loan?

How to get Tax Transcripts from the IRS?

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