8081 Normandy Blvd. Suite #5
Jacksonville, FL 32221
904-783-2336
Email: info@Southeast-Financial.com

Should I Refinance?

If you were lucky enough to finance your home when mortgage rates were low and you locked in a low fixed rate loan; you may have no interest in refinancing at this time. However, if you bought your home when rates were high, or chose an adjustable rate loan to keep your early payments lower, this may be an ideal time for you to consider refinancing your home.

One rule of thumb is that if your present interest rate is at least 1.25% above the current market rate you should investigate a refinance. There are other factors that could make a refinance worth while even if the rate spread is not that wide. Refinancing can be a good idea for homeowners who:

  1. Want to get out of a high interest rate loan to take advantage of current lower rates.

  2. Have an adjustable rate mortgage (ARM) and want a fixed rate loan to have the certainty of knowing exactly what their mortgage payment will be for the life of the loan.

  3. Want to convert an ARM with a lower interest rate or more favorable terms (such as better rate and payment caps) than the ARM they currently have.

  4. Want to build up equity more quickly by converting to a loan with a shorter term.

  5. Want to draw on the equity that has built up in their home to obtain cash for a major purchase or for their children's education.

If you would like to find out more about refinancing your home, please fill in the information requested below and we will call you with a current market analysis.

A response is required on all of the red questions. If a question does not apply to you, or if you choose not to provide the information, please enter NA

 


 

 

Borrower's Name:

Married: Yes No

Property Address:

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Is this your primary residence: Yes No

 


My Credit History is:

Excellent/Squeaky Clean
Good, but a couple of lates
OK. but I/We have had some problems
Have had some major problems, but none in the last two years
Interesting
It should be good, but I really don't know

 


Original Loan Amount:

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Second Mortgage Amount:

Value of Property:

 


Type of Loan:

Conventional
FHA
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Year Fixed
Adjustable Rate
Graduated Payment

 


Interest Rate on loan: %

Term of loan: Years

Monthly Payment:

Prepayment penalty: Yes No

 


Impounds:

Taxes: Yes No
Insurance: Yes No

 


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