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Refinancing Your Home

Expert Advice

Refinancing correctly requires fully understanding a customers' situation and goals. It's not all about the rate, as many loan officers might tell you.

Depending on your circumstances and desires, Lending Correctly will structure your refinanced mortgage to maximize your financial position.

Three Specific Refinancing Goals
Consolidate Debt	Lower Payments	Fixed Rate

If you have a considerable amount of credit card debt at high rates, we can refinance that into a new mortgage, such that you are paying less each month on your debt.

If you need to minimize your mortgage payments now because of a cash crunch, we can refinance you in a number of ways to lower your payment. That might be a reduction in rate or loan amount, an increase in the term, or a move into a flexible payment or interest only product.

If you want to cut your future risk that interest rates will rise, we can etch your rate and monthly payment in stone with a refinance into a Fixed Rate product.

Speak with an expert so that you do not find yourself refinanced into a bigger hole.

Refinancing can nearly always help you financially, but doing it the wrong way, for the wrong reason, or with the wrong loan officer can be disastrous.

Call Lending Correctly and we guarantee you will receive solid advice and great financing options.

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Bernadino
FL

"Gateway Funding was the only lender who could approve my loan!!! I am a first time homebuyer and I thought I had found a great buy... But I was having trouble finding financing. The house that I made an offer on had sat vacant for a long time due to flood damage. In order to live in the house approximately 30K worth of work needed to be done. I could not find a lender to loan me the extra money that I needed to make the house habitable, until I spoke to Cindy at Gateway Funding.

She was able to help me do an FHA 203k loan and give me the extra money to pay a contractor to do the work before I moved in. My contractor received the money one week after the closing and I was finally able to move in to the house - just six weeks later. I have a new house and a great loan and I have Cindy at Gateway to thank!!!"

Refinancing: What is your Goal?

Consolidate Debt

Credit card balances are unsecured loans, and like other 'revolving' debts, they usually have very high interest rates. Carrying a balance on your Credit Card, while convenient, is generally the most expensive way to finance your life.

Refinancing your mortgage, and consolidating your existing debt into that same loan, will leave you with a single mortgage payment and a much lower interest rate. To find out if this will work for your situation, call us today.

Lower Payments

We can help you lower your payments in many ways. If you have built up significant equity in your home, you can likely refinance to a lower mortgage amount and reduce your payments.

If you do not have equity built up, you can still lower your payment by 1) reducing your interest rate, 2) extending the length of your loan, or 3) changing your loan to a flexible payment or Interest-Only mortgage.

Which strategy is right for you? That depends entirely on you. We are experts at analyzing your situation and recommending options to lower your payments.

Fixed Rate

Are you looking to reduce your risk that your rate and payment will rise if inflation hits the economy? Refinancing to a fixed rate mortgage product can both protect you against inflation and set your payment so that it never changes.

Fixed Rate mortgages are generally set at a slightly higher interest rate then an adjustable rate (ARM). This is because the lender is now covering the risk that interest rates will rise over the life of your mortgage.

Interest Only

Interest-Only and Flexible Payment Mortgages are setup so that rather than paying say $1000/month for principal and interest, you can pay say $650/month and only cover the Interest portion of your loan.

By doing this, your are lowering your payment, but you are not building equity or paying off your loan. It's sort of like making a minimum payment on your credit card bill.

While this is not a good long-term plan, it can be very helpful for in certain situations. For instance if you have:

1) Very high short-term cash needs,

2) Expect to own the home for less than 2-4 years,

3) A rapidly rising salaries and/or investment income that offset your need to consider your home an investment.

4) your house value is rising so quickly that you are still gaining equity.

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