| Why should I refinance? |
| Should I pay points? |
| What kinds of
mortgages are available? |
| What kind of
documents will I need for my loan application? |
| Is the information
I submit secure? |
| |
| Why should
I refinance? |
| If you are currently in a low, 30
year fixed rate, you're in good shape. But if any of the
reasons below apply to your current situation, you may
want to look at refinancing: |
| |
| 1. Decrease monthly payments |
| If you can get a fixed rate that
is lower than the one you currently have, you can lower
your monthly payments. |
| |
| 2. Get cash from the equity
in your home |
| If you have enough equity, you can
get cash by refinancing. You can use the cash for home
improvements, college tuition, or any other major expenditure
you may have. |
| |
| 3. Switch from an adjustable
to a fixed rate |
| If interest rates are
increasing and you want the security of a fixed rate,
or if rates have fallen below your current rate, it may
be to your advantage to refinance. |
| |
| 4. Consolidate debt |
| You can refinance your mortgage
to pay off debt. If you are carrying balances on high
interest credit cards, you can save money each month by
refinancing. The interest you pay on credit cards simply
goes out the window. By refinancing, you can take advantage
of a lower interest rate which is tax-deductible. |
| |
| 5. Pay off your mortgage sooner |
| If you switch to a shorter term
you can save interest and pay off your home earlier. Your
payment may not be much higher than what you are currently
paying. |
| |
Should I pay points? |
| Paying points for a lower interest
rate is a trade off between paying money now versus paying
money later. A point - equaling 1% of the total loan amount
- is an up front fee that reduces your monthly interest
rate and total interest due over the life of a loan. |
| |
|
What kind of mortgages are available? |
| Fixed-Rate Mortgages (interest
rates and monthly payments stay the same for the term
of the loan) |
| |
| Adjustable-Rate Mortgages (interest
rates and monthly payments can go up or down, depending
on the market) |
| |
| Contact your mortgage Loan Officer
to go over the variety of programs available for you.
There are several different purchase programs and second
mortgage programs. If you are self-employed and have difficulty
in proving your income, call us today or email
one of our Loan Officers--we can help! |
| |
| Infinity
Mortgage Lending product glossary |
| |
|
What documents will I need for my loan application? |
Personal Information
· Address and telephone numbers of each borrower
· Previous address(es) if you've moved within the
past two years
· Social Security numbers of all applicants
· Age of applicant(s) and dependent(s)
· Name and address of landlord(s) or lender(s)
for the past two years
· Current housing expense details (rent, mortgage
payments, property taxes and home owners insurance) |
| |
Employment / Income
· Name and address of employers for the past two
years
· Pay stubs for the past 30 days
· W-2 forms for the past 2 years
· Home owners insurance declaration page
· W-2’s for all borrowers - from the last
2 tax years
· If applicable: divorce decree and child support
agreement |
| |
If you are self employed, these
additional documents are possibly needed:
· Complete, signed Federal Tax Returns for the
past two years.
· Year to date Profit and Loss Statement and Balance
Sheet
· Possibility of using bank statements or stating
your income
· Business license |
| |
Other Income
If you receive Social Security, a pension, disability
or VA benefits you'll need:
· A copy of your awards letter (or tax returns
for the past two years).
· A copy of your most recent check.
Rental Income
· If you receive rental income, a copy of the lease
agreement for each rental unit. |
| |
|
Is the information I submit secure? |
| All pages in which you are required
to enter personal information are secure pages encrypted
with 128bit SSL. You will see the small lock icon (bottom
right hand corner of your browser window) on pages that
are secure. We do not sell, trade or give away any information
you may provide to us. Please see our privacy
policy for additional information. |
| |
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