Refinance a Mortgage
There are many reasons when refinancing your home may be a wise decision. These reasons include: lowering your interest rate, eliminating Mortgage Insurance, or combining a first and second mortgage into one loan. Perhaps you have an Adjustable Rate Mortgage (also known as an ARM) that is due to adjust within a period of time and you want to convert your mortgage to a fixed rate loan. Another common reason to refinance is that you wish to access cash from your home’s equity for high interest debt, a remodel or other items. Whatever your motivation to refinance, we at Kiel Mortgage want to ensure that you understand the benefits and costs of a refinance. We will take the time to understand your situation and find the right program to fit your needs.
Fixed-Rate Loans or Mortgage
A mortgage for which the interest rate will remain the same throughout the entire term.
Also known as an ARM. This is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. An ARM often has lower monthly payments, and it also has a ceiling above which payments cannot exceed.
Jumbo Loans or Mortgage
These are larger mortgage loan amounts and generally require bigger down payment and more strenuous credit requirements.
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