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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Why Refinance Back into a 30-Year Loan? Refinance Your Mortgage
for Rate and Payment Reductions By Jansen Drake, CMS 1st
Metropolitan Mortgage Marietta, GA – One of the biggest reasons
homeowners refinance their mortgage is to obtain a lower
interest rate and lower monthly payments. By refinancing, the
borrower pays off their existing mortgage and replaces it with a
new one. This can often be accomplished with a no-points no-fees
loan program, which essentially means at “no cost” to the
borrower. In the no-points no-fees scenario, the mortgage
consultant uses rebate monies paid by the lender to pay off
non-recurring closing costs for the borrower. These are “one
time” fees such as escrow or attorney fees, title insurance,
document preparation, tax service, flood certification,
processing and underwriting fees, etc. The borrower is still
responsible for recurring fees such as interim insurance,
property taxes or insurance policy payments. Refinancing
typically occurs when mortgage interest rates drop
significantly, but borrowers with recently improved credit
scores (from paying off credit card debt, making mortgage
payments on time, etc.) are often candidates for better interest
rates as well. If you haven’t checked your credit score in a
while, it’s a good time to call a mortgage consultant. The
question most asked is, “But why should I go back into a 30-year
loan?” There are two schools of thought on this subject, and the
mortgage consultant should work hand-in-hand with the borrower’s
financial planner to determine what works best for their mutual
client. One option is to take the route of the “same payment”
refinance, and actually pay off the loan faster and save money
on interest fees in the long-run. If refinancing results in a
lower monthly payment, the borrower can still continue making
the same payment they made in the original loan, and the extra
money will be applied to the principal balance.
For example: Let’s say you have 25 years remaining in your
current loan, and you refinance back to a 30-year loan with a
slightly lower interest rate, resulting in a payment reduction
of $200 per month. (Note: This is just an example. The actual
amount could vary.) You could then take that extra $200 per
month and apply it toward the principal on the new loan. At this
rate, the loan will be paid off in 22 years and 4 months, which
is 2 years and 8 months less than the original loan.
On the other hand, if the borrower’s financial planner is a
proponent of best-selling author and investment guru Douglas
Andrew’s philosophies (see Missed Fortune), he or she may
suggest investing the extra money in a side-fund that could earn
a better rate of return and grow to the amount of the mortgage
(and beyond) in even less time. This method provides excellent
liquidity, but having more direct access to this money may be
too tempting for some homeowners.
Regardless of the reason for the refinance, the mortgage
consultant will need to know what the existing loan scenario
entails, review the homeowner’s long-term goals, and provide a
comprehensive spreadsheet that compares and contrasts the
various loan programs available. Bear in mind, refinancing to
obtain a lower interest payment could also result in a lower
deduction at tax time. The homeowner’s mortgage consultant and
financial planner should work hand-in-hand with their mutual
client’s best interest in mind.
About the author:
Jansen Drake is affiliated with 1st Metropolitan Mortgage, A
Georgia Residential Mortgage Licensee 15506. For free
consultation and a copy of The Certified Guide to Credit Scoring
,call Jansen at 678-388-1755 or go to www.catquickloans.com.