Frequently Asked Questions : Your questions answered
Should I refinance with rates so high?
It all comes down to savings. "Mortgage Money" is still the cheapest of any borrowed money when it comes to long term affordability. Inflation has had a similar effect on every piece of the economy including credit cards, rent, car loans, personal loans and student loans to name a few. Mortgage rates may be double+ historic lows but if we compare that to the 20-30% interest on a fully adjustable credit card there may be a case to refinance. I can send you a spreadsheet on your average cost of existing + new debt and see if the math makes sense.
Should I Purchase with rates so high?
In many areas, rents are the highest they have ever been and often contractually go up 10-15% yearly so locking in a payment for 15 or 30 years makes sense. We can do a 6 month savings check after we fund to see if market rates have improved to possibly refinance.
Do I talk to you or the bank when we do a loan togeather
My team will be your sole point of contact the entire loan. Loans are hard and stressful but they are a lot easier when you have a friendly point of contact. We will approve your loan, provide required paperwork lists, gather paperwork help you or upload that paperwork, provide you approval conditions, collect and upload those items as well. We will arrange the appraisal if needed and the notary when ready. When the loan funds we will call you and let you know... Success!!! After you are always welcome to call us for anything and we love referrals!!!
Should I get a 1st or 2nd loan on a refinance?
That 100% depends on your situation, If you are getting a small amount and your existing 1st is a great rate, 2nd loan will most likely be our game plan. If you have a lot of CC debt to consolidate, adjustable rate, car or student loan with a large balance / payment we may just pick a good "ol' fashioned" 30 year fixed. Human's are required for formal quotes.