Refinance A Mortgage

With interest rates reaching record lows, you may be wondering if refinancing your mortgage is right for you. Below is a quick guide for home owners interested in lowering their mortgage payments and refinancing their home loans. 

Can't wait to get started on refinancing your mortgage? Pre-qualify for a refinanced home loan now!

When Refinancing Is Right for You

While refinancing your mortgage may seem like a great opportunity for you to lower your monthly mortgage payments and reduce your debt, make sure to use a mortgage calculator and calculate if refinancing your mortgage will actually save you in the long run.

Refinancing your mortgage should be done to reduce your interest rate, shorten your term, or consolidate any revolving debt.

Refinancing your mortgage may be right for you if:

  • Your goal is to get a lower interest rate and lower your monthly payment
  • You Want to shorten the length of years on your mortgage.
  • You need to get out of an adjustable-rate (ARM) or interest-only mortgage
  • Want to create additional cash flow each month with your savings.

Refinancing your mortgage may NOT be right for you if:

    • You plan on moving within a year.
    • You haven’t made timely payments on your mortgage within the last 12 months.
    • You are upside-down on your mortgage and owe more than your property is worth. It may be difficult to be approved for a refinanced mortgage.

      How To Refinance your Mortgage

      When refinancing your mortgage, you can choose to take cash out, or refinance the remaining amount on the loan. It's a good idea to call us at 732-845-1991 or email us at Fairway Independent Mortgage Corporation in Monroe, New Jersey so we can give you a No-Obligation Refinance Analysis to make sure it’s the right move for you.

      Before you start the refinancing process, review your current situation to determine if you would quality for a refinanced home loan. Consider your income, employment history, credit score and other loan qualifiers, as these will apply on refinancing loans as they do for first time home buyers.

      As you begin the refinance process, make sure to collect important documents that will be needed for home loan refinancing such as information about your current home loan, income statements, tax and property information, and homeowners insurance rates.

      Refinancing Fees

      With most home loans, any costs incurred for your refinance can simply be rolled into the new loan.  We will keep any refinancing costs to a minimum and will go over them in person so there are not any surprises at closing. 

      Mortgage Calculators for Refinancing

      Using a mortgage calculator will help you determine if refinancing your mortgage is right for you. In some cases, refinancing will save you money on your monthly payments AND the life of the loan.

      Use our Refinancing Mortgage Calculator now!

      Want to learn about mortgage rates for refinancing, or determine if refinancing your mortgage is right for you? Contact us today!


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      Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. Licensed by the NJ Department of Banking and Insurance. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met. Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation which has not been reviewed by Underwriting. Final loan approval is subject to a full Underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, and income information, and a satisfactory appraisal. 

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