Yes, usually through the lender that originally financed you. They want their money, right? So, if you cannot make the balloon payment when due, it is in their best interest to refinance you into an affordable fixed rate loan. This way, you can make monthly payments, and they get their money = everyone happy.
This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
If you are refinancing your mortgage for a 30 year fixed rate you can expect a rate of about 4.250% and if you are refinancing your mortgage for a 15 year fixed rate you can expect a rate of about 3.375%. Of course, this will vary with credit rating, current mortgage standing, etc.
Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.
Reasonable refinance rates for a mortgage is quite complex. It actually depends on what type of mortgage you wish to lock into. For example, a 5 year variable rate can start as low as 2.5%, where as a 5 year fixed rate can start as low as 3.79%.
Va mortgages are typically fixed rate mortgages. If you refinance you run the risk of getting into a variable rate contract with a balloon payment.
This type of mortgage vehicle gives the borrower the benefit of a low initial rate with the option to refinance to a fixed-rate mortgage at about half the typical refinance cost.
There are a number of common mortgage refinance options available to borrowers. These include: fixed interest rate refinancing, and variable rate refinancing.
You can go to any bank or mortgage company. However, I would ask about their interest rates also, you want to make sure it is a fixed rate not a a balloon because then your interest rate can fluctuate.
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
If you are refinancing your mortgage for a 30 year fixed rate you can expect a rate of about 4.250% and if you are refinancing your mortgage for a 15 year fixed rate you can expect a rate of about 3.375%. Of course, this will vary with credit rating, current mortgage standing, etc.
escalates with the variable rate? fixed rate unchangeable ocala,fl
Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.
Reasonable refinance rates for a mortgage is quite complex. It actually depends on what type of mortgage you wish to lock into. For example, a 5 year variable rate can start as low as 2.5%, where as a 5 year fixed rate can start as low as 3.79%.
A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.
It is where you have a Mortgage and you have improved your credit you can refinance to lower you monthly bill.
"There are many VA refinance options. You may refinance your VA mortgage for a lower rate, you may cash out, or you may refinance your current mortgage to a VA mortgage if you qualify for one."