Refinancing with Performance Mortgage

So you're looking to refinance? Great! This is one of our specialties. There are many reasons that it makes sense to refinance your mortgage including:

• Getting rid of mortgage insurance (PMI)
• Lower your monthly payments
• Locking in a lower rate by switching loan types
• Getting some money out of your house because it's grown in value
• Roll in closing costs (no money out of pocket)
• Skip a payment or two
• Start an escrow/stop an escrow

Getting Rid of Mortgage Insurance
If you are currently paying mortgage insurance, you are very possibly flushing your money down the toilet.

Many traditional loans (possibly like the one you have) require you to pay mortgage insurance if you borrow more than 80% of the home's sale price. The percentage of the home's initial sale price that you borrowed (Loan to value ratio or LTV) determines the amount that you have to pay each month.

We have many options available today that will eliminate the need to waste this money every month. Recently, we saved one home owner $1,930 per year by eliminating his mortgage insurance. And he actually financed 100% of the properties value!

Lower Your Monthly Payments
There are many ways to lower the amount of bills that you have to write every month by refinancing. If this is what you're looking to do then be sure to take a look at our Debt Consolidation page.

However, if you want to lower the payments on your existing mortgage only, there are great options as well! Many people currently have a rate that was obtained while they had a lower credit score, a higher debt to income ratio or one of many other "risks". The higher the risk you are to an investor, the higher your rate will be. So today, you may be in a position to refinance and lower your rate simply because you are not as great a risk.

Another way is to switch to an Adjustable Rate Mortgage (ARM). There are programs available that have a fixed rate for as long as 5 years and then change to an adjustable rate loan. These loans generally have a lower rate than a fixed rate mortgage. This option is very attractive to people who know that they are no longer going to own their home for longer than the fixed period. Many home owners can literally save thousands of dollars in interest by switching to an ARM.

Getting Money Out
As an example, if you currently owe $100,000 on your home, and it's worth $150,000, you have $50,000 in equity. Equity is the difference between what you owe and what the home is worth. Many home owners can get a new loan for the amount that their home is worth and pay off the old loan, keeping the cash. This is known as cash out refinancing. There are no restrictions to what you can do with the money that you receive. Go on vacation, buy a new car or put an addition on your home... it is all up to you!

So much more
There are so many other things that you may have questions about regarding your specific situation. We would love to answer any questions that you have. Simply give our offices a call at 1-866-488-1350 or visit our contact us page.