Refinancing

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Five reasons to refinance your mortgage

There’s an old adage in the mortgage business: if you can improve your interest rate by at least two percentage points, then it is a good time to refinance. While that may work as a general rule, the truth is that there are many reasons to refinance. Here are a few:

Lower your interest rate

This can make a big difference in your monthly out-of-pocket costs for housing and save money on financing fees.

Build equity faster

If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program to a 15- or 20-year loan structure. This enables you to build equity faster and save money on financing fees.

Change your loan program

Some homeowners who start out in an adjustable rate mortgage (ARM) find that they would like to switch to the stability of a fixed rate mortgage. A loan comparison chart can help you find out if you can save money with another type of loan program.

Take advantage of improved credit score

If your credit score has improved as a result of making your mortgage payments on time and in full, you may be in a position to take advantage of your improved credit standing. We can review your current credit score, the terms of your existing mortgage, and review options for other loan programs that could not only reduce your monthly payment, but also save you money on interest fees paid over the life of the loan.

Use the equity you’ve established

A cash-out refinance allows you to tap into the equity you have built up in your home. You may want to pay off debt, send a child to college, or use the money for home improvements. And, if you are currently paying for mortgage insurance and your loan-to-value has decreased, you may qualify for a loan without mortgage insurance.

Regardless of your reasons for wanting to refinance your existing mortgage, we can help you make a decision that works best for you. 

About

LoanStar Home Lending is a mortgage lender focused on providing government, conventional, jumbo and alternative qualification home loans to customers in the states we are licensed. The LoanStar Home Lending mission is to deliver expertise and efficient access to home loans with passion, pride and integrity. We continually seek to improve our service commitment to our customers and the communities where we live and work to accomplish our vision is to be the most dynamic and trusted lender. ...

 

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LoanStar Home Lending - NMLS: 1094582
9020 SW Washington Square Rd., STE 350
Portland, Oregon 97223
Phone: (855) 347-7691
Email: contact@goloanstar.com

 

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This communication is for informational purposes only, is not an offer, solicitation, recommendation or commitment for any transaction or as a confirmation of any transaction (unless expressly stated otherwise). LoanStar Home Loans, LLC, dba LoanStar Home Lending, 9020 SW Washington Square Road, Suites 250 and 350, Portland, OR 97223; NMLS 1094582. LoanStar Home Lending only conducts business in states in which it is licensed.
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