How to Apply
At Blake Mortgage, we make the
the process of refinancing a home
simple and fast.
Considering refinancing your mortgage?
Whether it’s getting a better interest rate, lowering payments, consolidating debt or getting cash out or finally doing that renovation you’ve always wanted; refinancing could be the solution you’ve been seeking.
- A lower mortgage payment means more money for everything else in your life
- Why pay more than you have to? Don’t miss your chance to take advantage of mortgage rates at their lowest in years!
- Even changing the terms of your mortgage may help your overall financial picture.
- Check out our rates by clicking here www.blakemortgage.info to see how a new rate and term could lower your monthly mortgage payment.
- Every day, we strive to help Americans by exploring options beneficial to them.
What is Refinancing?
Refinancing refers to the process of paying off your current home loan by taking out a new loan, either with your existing lender or through a different lender. Blake Mortgage can help you investigate your options.
Working with a professional who has already established strong relationships with several lenders allows you to access a broader market. Blake Mortgage is one of the mortgage companies in AZ that’s focused on putting your needs first and will assess your individual circumstances with available loan options.
Do you have a question about our process of getting a refinance loan? Learn more below, or feel free to contact us. We look forward to hearing from you!
Why Refinance? Here’s 12 good reasons:
Low-interest rates are the most common reason borrowers refinance but are there other reasons? Yes! There are several beneficial reasons to refi your current loan and here’s a brief list that we’ve compiled through our years of experience.
All of these may not apply to you, but we bet you can find several reasons that apply to you!
Want to see a more accurate refi scenario? Give us a call today and see what a difference refinancing can make in your life.
1. To Get Cash
A cash-out refinance is the most convenient way to access your home equity. Use the money to pay for higher education, make home improvements, invest in an income property, or pay off debt. Today’s low rates make a cash-out refi a smarter choice than taking out a personal loan.
2. Your Credit Score Has Improved
Your financial health has a significant impact on your loan terms. If your credit score has gone up and you’ve removed negative items from your credit history, you probably qualify for a better rate.
Not sure if this applies to you? Contact us for a free review!
3. To Switch to a conventional loan
Maybe you weren’t too keen on the original mortgage, but you agreed because it was the only one you could qualify for. Now that you’re in a better financial position, you have more home loan options to choose from. Low rates combined with no PMI makes conventional home loans one of the most popular loan products in this situation.
4. To Increase your loan term
Maybe you started with the idea of paying off your mortgage as quickly as possible, but now making large payments isn’t feasible. Refinancing to a 30-year term can ease the burden by reducing your monthly payments into one that you can comfortably afford.
5. Divorce Situation / Buyout
In divorce cases, one spouse buys out the other to remove them from title and the loan. If you have a co-borrower and you now need to remove them, refinancing can do that just that. Even thugh you can remove someone from title, it’s not that simple for a mortgage. You must refinance to remove the other borrower from the loan.
6. Capitalize on equity / Home value has gone up
Some homeowners like to take out some of their equity even just to set aside for a rainy day. Home prices adjust all the time. So if you see your home value has gone up, you might want to access that equity while it’s on the upswing.
7. To lower your loan to value (LTV)
On the other hand, you may have recently inherited some cash and are looking to reduce your mortgage balance. Instead of just applying that lump sum into your current loan, consider refinancing into a shorter-term loan as well as use the lump sum. This way, your rate will be lowered, your loan will be paid off faster plus your monthly payment may not even increase!
8. Consolidate Debt
Have a second mortgage? Refinancing can consolidate your loans into a single one. A second mortgage comes with higher interest rates, so consolidation makes sense if you want to both save money and the headache of dealing with several mortgages.
9. Reduced Monthly Payments
If rates drop by half a percentage point (.5%) that would mean a $2,000 savings in interest payments on a $400,000 loan. It behooves you to look into refinance options especially if you plan to stay in your home for the long term. You could also ask us for a “No Closing Costs Option” where in return for a slightly higher interest rate than the market, the yield in the rate would absorb the closing costs.
10. Reduced Loan term
Changing your 30-year mortgage to a 15-year loan saves you money for two reasons. One: you pay interest over a shorter time span, say 15 years vs 30. Two: the interest rate is usually lower than a 30 year mortgage. While this is a more aggressive way to pay off your mortgage, your savings could mean thousands over the life of the loan. Click here and request a proposal that illustrates the advantages.
11. Eliminating PMI
If your loan-to-value ratio (LTV) has decreased, refinancing your loan could eliminate private mortgage insurance (PMI). Combining the savings from getting rid of PMI with a lower rate means even bigger savings.
12. Switching from Adjustable to Fixed-Rate
A hybrid adjustable-rate mortgage (ARM) is a mortgage product that offers a low fixed rate for a fixed period. After that, your rate adjusts to current market rates. Many homeowners refinance into a fixed-rate mortgage right before the first adjustment to avoid a significant increase in costs.
Depending on the previous rate you qualified for, the current one might be even more favorable than it was with your original ARM!
Experience the Difference!
Blake Mortgage has been working with families and individuals in the Valley of the Sun for nearly two decades, by providing some of the best client experience when it comes to mortgage financing. Being refinancing to get cash out, a mortgage for a new home, construction lending, loans for our Veterans or other countless scenarios. We are here to serve the greater Phoenix/Scottsdale metropolitan area and its surrounding communities..
We Carefully Consider Every Factor:
The “Total Cost Analysis” Illustration
The decision to refinance could be complicated, especially when comparing different terms on a loan. At Blake Mortgage, ALL factors to refinance are taken into deliberate analysis.Let us do the heavy lifting for you. Don’t take our word; simply ask us for an in depth “Total Cost Analysis” Illustration and decide for yourself. You’d be surprised at what you may discover.Please contact us and ask for a “Total Cost Analysis” Illustration for your particular situation.