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TWO STEP QUICK APPLICATION FORM
First Rate Lending knows what it takes to be a successful lender. Since the start of our operation, our dedication to exceed your expectations and guarantee your satisfaction has made us what we are today.
From start to finish in the loan process, we provide no less than exceptional service to our most prized possessions: our customers.
As a leader in the mortgage industry, we aim to deliver excellence in every area. Based on client feedback, we constantly strive to improve our systems and technology to improve our efficiency and success ratio.
Because market conditions are constantly in flux, we keep our fingers on the pulse of mortgage backed securities to ensure that you get the best interest rate possible.
Provided below is a list of calculators to assist you with your financial matters:
# Loan Calculator
Quickly calculate the monthly payment, total amount of interest paid, total paid and cost of points for a fixed rate mortgage loan.
# Refinancing Calculator
Helps you determine if you will benefit by refinancing.
# APR Calculator
Find out how much your mortgage loan is really costing you.
# Closing Costs Calculator
Simultaneously compare four different loans and compute the closing costs required at closing for each of the mortgage loans.
# Rent versus Buy Calculator
Allows you to compare the costs of renting a residence versus buying a home.
# Seller's Proceeds Calculator
Calculate your new gain after your current mortgage(s) have been repayed and taxes, sales commissions and other closing costs.
# Loan Spread Calculator
Find out everything about your loan with this calculator.
# Cashflows Calculator
Determine the present value of an investment property's cash flows and sale proceeds for periods of up to 20 years.
# Future Values of Savings
Annuity calculator which determines future values.
# Pay off or Invest
Calculate the expected annual return on an investment to see if it is better to pay off or invest.
# Loan Comparison
Compare multiple loans quickly seeing the impact on interest rates and points on their monthly payments and total paid.
REFINANCEWhen you need a quick and easy refinance of your home or investment property, try First Rate Lending. Our customers have said that our speed of processing, knowledgeable staff and aggressive programs set us apart from our competition.
REFINANCE ISSUES TO REVIEWThere are many things to consider when refinancing your home loan. The fees associated with refinancing can add up quickly so, many mortgage companies will waive fees associated with refinancing applications and legal fees. This fee reduction can amount to large savings for the home owner but may result in a slightly higher percentage rate than expected. It is important to talk about your loan options with your loan officer. Additionally, the amount of time you plan to spend in your home will impact your decision to refinance. Many mortgage lenders will allow home owners who expect to live in their home for a minimum of three to five years to pay "points" and closing costs upfront. This option ensures the home owner obtains the lowest percentage rate available.
EVALUATE YOUR ASSETSSaving money is important to many consumers in today's economy and refinancing your home loan is one way you can lower your monthly payments. A careful analysis combined with the advice of your mortgage broker will ensure that you make the right decision. The costs associated with refinancing are similar to those of obtaining an original home loan, which includes legal fees, application fees, settlement costs, and other related fees. When refinancing, additional fees will arise and they can include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan. However, many mortgage brokers can offer zero point loans and low-cost refinancing. Therefore, even if your rate change is less than one percentage point, you may be able to save some money by refinancing. Contact your home loan advisor to discuss the various costs and laws governing the fees charged by mortgage companies and the potential savings you can enjoy.
DECIDING TO REFINANCEThe decision on whether or not to refinance has, in the past, meant balancing the savings of a lower monthly payment against the costs of refinancing. In recent years, mortgage lenders have introduced "no cost" and low-cost refinancing packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. With traditional refinancing, the interest rate for your new mortgage is often about 2 percentage points below the rate of your current mortgage. However, with the newer low and no-cost refinancing programs offered, home owners can find it valuable to refinance to obtain a smaller reduction in interest rates.
CASH OUT REFINANCEMany mortgage lenders will offer a refinance package where you refinance for more than the balance remaining on your old home loan. In the mortgage world this is called “cashing out”. The economy has also caused interest rates to drop recently which may allow you to refinance your home without increasing your monthly payments. The extra cash that results from refinancing can be used for many purposes; one of the smartest ways to use these funds is to pay off any loans with higher interest rates. If you are in a positive position regarding debt you may be interested in using the money for a more enjoyable purpose, such as building an addition on to your home. How ever you decide to spend the money, your mortgage broker can help you through the process.
WILL PAYING POINTS AFFECT MY RATE?When home owners make the decision to refinance their home loan they must decide which interest rate will work best for their situation. There is typically a range of interest rates at different amounts of points. Remember, a point is equal to one percent of the loan amount. When you work with you your home loan representative you will be able to analyze the different interest rates and related points, which can save you money. Some combinations of interest rates and points may cause your monthly payment to increase though. Be sure to discuss all options with you home loan advisor before making a decision.
REFINANCE EXPENSESThe costs associated with refinancing are similar to those of obtaining an original home loan and include legal fees, application fees, settlement costs, and other related fees. When refinancing additional fees will arise and they can include a fee charged if you paid off your original mortgage early, the points associated with the refinance, and the home loan interest rate. Typically the cost runs between three and six percent of the total amount of the home loan.
YOUR SECOND REFINANCERefinancing makes sense for many of our clients because refinancing can result valuable savings. Now is also a good time to refinance for a second time. The timing is important because when interest rates are falling quickly you can reduce your monthly payments even further. Your mortgage brokers will also help you understand the tax write off associated with a second refinance. The money that American’s are saving can be used to build emergency cash funds, build additions onto their homes, or they can save it for a child’s college fund.
CONVERTING YOUR ARM TO A FIXED RATEHome owners have two rate options when refinancing their home loan, fixed rate mortgages and adjustable rate mortgages, often referred to as ARMs. ARMs are attractive in today’s economy because they offer very low introductory rates but due to financial market instability these rates can jump quickly and homeowners may find themselves paying more than they had bargained for. Adjustable rate mortgages are not always unpredictable though. Homeowners who know the length of time they plan to stay in their home may secure an ARM for that specific amount of time, which will save the homeowner money and avoid rising payments.
REFINANCE AND TAXESMortgage brokers are knowledgeable of the laws governing taxes that are related to mortgages. Many homeowners find the tax issues related to the home loan refinance process confusing, but your mortgage broker will guide you through the process. To explain briefly, the Internal Revenue Service (IRS) has ruled that interest paid for refinancing must be deducted over the life of the loan. However, if the home loan is being used to make improvements to your house, the borrowers may be permitted to deduct a portion of the interest right away. The exact tax laws concerning refinancing are complex and the details should be discussed with your mortgage broker. The IRS website, www.irs.gov, may also be helpful when gathering general information on the subject of taxes and refinancing.
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