As a savvy homeowner, making the most of your Mortgage Renewal is essential for your financial well-being. In this blog post, we will delve into the advantages of switching to a new Institution at the time of your renewal. With Lend At Ease, you can secure better terms, lower interest rates, and enhanced financial flexibility. Read on to discover the key reasons why switching to a new Institution with Lend At Ease is a smart choice:
- Mortgage renewal presents an excellent opportunity to reassess your financial goals and explore new lending options. Switching lenders during renewal allows you to take charge of your financial future and seize better opportunities.
- When you switch lenders at the time of your mortgage renewal, you open doors to numerous benefits. These benefits include: securing lower interest rates, more favorable repayment terms, and access to innovative mortgage products. You can find options that cater to your specific requirements and potentially save you thousands of dollars.
- We make switching lenders easy by managing your paperwork, negotiating on your behalf, and smoothly communicating with the Lender. Our Agents help you understand the penalties involved with your current lender and find new options that meet your needs. With Lend At Ease, you can enjoy a smooth transition to a new lender.
Rather than simply switching Lenders, you may also want to consider refinancing your Mortgage before it matures. This way, you can pull equity out of your home and get extra funds without any penalties. Here are some ways refinancing can help you:
A. Do you have many debts like credit cards, personal loans, or high-interest loans? Refinancing your mortgage can consolidate these debts into a single monthly payment. This simplifies your financial life, reduces interest costs, and may increase your cash flow.
B. Your home equity is the difference between your home’s market value and the outstanding balance on your mortgage. You can borrow funds for home improvements, Debt Consolidation, education expenses, or other financial needs.
C. Assess your current loan terms and determine if refinancing allows you to modify them to better suit your needs. You can consider shortening the loan term to pay off your mortgage faster or extending it to reduce monthly payments.
D. Refinancing also allows you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (or vice versa). If you are concerned about interest rate increases, refinancing to a fixed rate provides predictable monthly payments. If you anticipate interest rates to decrease in the future, refinancing from a fixed rate to an ARM/VRM may offer more savings.
E. If you are currently paying Mortgage Default Insurance, refinancing can be an opportunity to remove this cost. If your home’s value has increased, refinancing can help you reach the 20% equity threshold required to eliminate this.
We make the Mortgage Finance Process simple and easy. Simply start by completing an application by clicking the link below:
Following your application, our experts will review your details and contact you regarding the next steps. It is important for us to receive a full and honest outline of your financial situation. Every bit of information can help strengthen your chances of qualifying for a Mortgage. Following this review, we will prepare a list of documentation that will need to proceed further.
Here are some factors that determine your approval for a Switch/Refinance:
- Lenders evaluate the borrower’s credit score. A higher credit score generally indicates a lower risk for the lender. A good credit score can help secure a more favorable interest rate and loan terms.
- The Debt-to-Income ratio compares a borrower’s monthly debt obligations to their gross monthly income. Lenders prefer a lower ratio, as it indicates a higher capacity to handle mortgage payments.
- The Loan-to-Value ratio is the percentage of the home’s appraised value borrowed. Lenders prefer a lower ratio, as it indicates a smaller loan amount compared to the value of the property. A lower ratio often leads to more favorable loan terms and a higher likelihood of approval.
- The lender will typically require an appraisal to determine the current market value of the property. The amount of equity in the home is an important consideration in refinancing. More equity, often indicated by a lower Loan-to-Value ratio, leads to better loan terms.
- Lenders typically verify the borrower’s employment history and income stability. A consistent income provides assurance to lenders that the borrower has the financial stability to make mortgage payments.
- Lenders assess the reason behind the refinancing application. The purpose of refinancing can influence the loan terms offered by the lender.
Switching lenders during your mortgage renewal can provide you with improved terms, lower interest rates, and increased financial flexibility. By partnering with Lend At Ease, you can make this process seamless and hassle-free. Take advantage of the opportunity to maximize your mortgage renewal by partnering with Lend At Ease.