When it comes to making the important decision on whether to refinance your mortgage in Pompano Beach, there are no stupid questions. Because interest rates are currently at historic low levels, now may seem like the best time for homeowners to venture into home refinancing in Pompano Beach. The numbers are tempting. It’s hard to imagine rates lower than 3 percent. But is home refinancing in Pompano Beach your best option? The best thing to do is discuss your options with a representative from a mortgage company in Pompano Beach with a long track of placing homeowners in the best position to succeed. That’s why more people in South Florida are turning to the experts at Ace Mortgage Loan Corp.
If you haven’t refinanced in the last 24 months, now is a great time to take action. It’s now easier to qualify for refinancing in Pompano Beach, which can result in the savings of hundreds per month and thousands per year. Refinancing is the process of replacing your current mortgage with a new one. With help from a licensed mortgage broker or lender in Pompano Beach, it doesn’t have to be complicated process. There are three types of refinance loans:
- Rate and term refinance loans
- Cash out refinance
- Cash in refinance
After discussing with a mortgage lender in Pompano Beach which refinance loan is best for your situation, it’s time to gather the right documents. Because you’re replacing an existing home loan in Pompano Beach with a new one, banks must make many of the same verifications made during the time of purchase. There are some exceptions. FHA Streamline refinance and VA home loans don’t require a verification of income or employment. Unless you have these types of home loans, you’re going to need the right documentation to provide these verifications.
Approval for home refinancing in Pompano Beach often depends on three factors. The borrower must prove they have the resources to pay off debt from a new mortgage. Credit history also plays an important role. It’s important to check your credit report and maintain good credit. The last factor is collateral. A mortgage lender or broker must have an accurate value of the property being financed.
There are some myths about home refinancing in Pompano Beach. Some homeowners believe refinancing will help them skip a payment. There are a couple of reasons why many people jump to this conclusion. Your mortgage payoff will include extra days of mortgage interest. Your mortgage payments will start after you’ve accrued a month’s worth of interest. At first glance, it may seem like you’re skipping a payment. But you’re actually paying interest for every day you borrow against your home.
Refinancing your mortgage in Pompano Beach is a straightforward process. But it becomes even easier when you have the right mortgage company in Pompano Beach on your side. The mortgage professionals at Ace Mortgage Loan Corp. have helped countless homeowners throughout South Florida successfully refinance their homes since 1996. To learn more about home refinancing in Pompano Beach, call the professionals at Ace Mortgage Loan Corp. today.