The right mortgage is the basis of a sound financial plan. Refinancing your home loan can be a great way to start. Most mortgages allow you to prepay the principal balance in part or in full without penalty, therefore when rates drop, assuming you qualify and the equity in your home is sufficient, you can refinance your old loan into a new, lower-rate home loan. Check your loan’s paperwork carefully to find out if you can repay your loan early.
First New England Mortgage’s loan programs can be broken into two main groups: fixed rate mortgages
and adjustable-rate mortgages.
Each of these types of home mortgages can be a very effective tool for the consumer - it’s just a matter of knowing what your priorities are. Popular reasons to refinance your mortgage are:
- Saving on your monthly mortgage payment ~
- Reducing the time left on your loan repayment ~
- Financing educations or investments ~
Buying a second home or vacation property ~
In our experience, refinancing a loan for the same term as the original loan may not always be the best available option. To learn how to reduce a loan’s term and discuss whether this option is right for you, contact FNE online
or by calling one of our experienced mortgage loan Officers today at 800-641-1715.