Gulfport Real Estate – Why Refinance

    Gulfport Mortgage Refinance – Why and How Much

    There are a number of reasons for consumers to check out how the right Gulfport mortgage may save them literally tens of thousands of dollars.

    However, one of the most important things to remember is that a new mortgage usually makes more sense to those individuals who are going to stay in the home for many more years. If you should sell your home and move shortly after you sign for a new mortgage loan then you might have difficulty breaking-even on the deal.
     
    What type of mortgage will be your best bet?

    Fixed Rate Mortgages and Adjustable Rate Mortgages (ARM) are both available for qualified homeowners. With an ARM, your payments are generally lower at the onset. However the rate can change dramatically over the upcoming years.

    If you are only considering this home to be a short-term investment an ARM could be a good choice. However, those who are looking to keep their home on a more permanent basis, an adjustable rate mortgage might not be the best path.

    With a fixed rate mortgage there is security in knowing that the interest rate will remain unchanged during the contract period. Many former ARM consumers have now changed to a fixed rate mortgage to avoid becoming a casualty of previous economic upheavals.

    A refinancing loan could allow homeowners the opportunity to eliminate private mortgage insurance from the deal. This depends on the lending agency, how much you owe, how much you plan to borrow and the actual home value.

    Applying for a Gulport mortgage would also let you make the most of the home equity you have built up over the years. Home equity could provide you with the funds for college or home improvements. You could also use the money for other investment opportunities.

    Consider the amount of money that you will be requesting. Points could be applied by the lender. This is a an amount of money that is prepaid upon the actual closing of the loan agreement. One percent of your loan would be the equivalent of a single point.

    The lending agency is going to charge you for the processing and origination fees as well as the costs for title searches, title insurance and credit reports. There are also the fees that must be paid to the attorneys who review the paperwork.

    To learn more about the pros and cons of refinancing your Gulfport home mortgage, contact our office today at 228-275-7500.

    Testimonials

    Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
    Dean Hoehn