There are many reasons homeowners consider home refinancing.
Perhaps mortgage rates have fallen since you purchased your home. Maybe you are weighing the pros and cons of consolidating existing higher-interest loans. Maybe your credit score has improved, qualifying you for a lower mortgage rate. Maybe you have a USDA loan, but you’re hoping to capitalize on a lower rate. Or, perhaps you currently have an adjustable-rate mortgage (ARM) but would prefer a fixed-rate mortgage. Some homeowners want to tap their home’s equity with a ‘cash out’ that can then be used to fund home improvements or other family needs.
Whatever your reason for NY home refinancing may be, we can help!
To determine the best options for refinancing your home, it’s important to first establish your goals. What are you hoping to achieve by refinancing your mortgage? Are you hoping to lower your monthly payment? Reduce your mortgage rate?
Whatever your goal may be, Maple Tree Funding’s experienced and licensed mortgage professionals will work with you to understand your needs and determine the best refinancing options based on your unique circumstances.
When you work with the mortgage brokers at Maple Tree Funding, you don’t have to track changing mortgage rates or shop for the best refinance rate yourself. Simply fill out our quick and easy Interest Rate Tracking Service form and we’ll keep track for you. When the rate you want is available, we’ll alert you. This is just one of the perks we offer to offer to make the refinancing process easier!
When you refinance, you essentially pay off your existing mortgage with a new one.
The NY home refinancing process will likely seem similar to some of the steps you took to obtain your original home mortgage. For example, depending on your circumstances, the new lender might require a home appraisal or an inspection. In some situations, the closing costs might be about the same as they were when you originally purchased your home. You’ll need to consider how long you will be staying in your home to determine if you will be able to recover those costs.
Generally speaking, if interest rates are one percentage point or more below your current rate, the conditions may be favorable for refinancing. You’ll also want to think about the term of your loan. A 15-year mortgage at today’s low interest rates may be an attractive option available to you.
When you refinance with a cash out mortgage, you basically use the equity that has built up in one of your most valuable financial assets – your home! Your refinanced mortgage will be for an amount that is higher than what you have left to pay on your existing mortgage. The old mortgage is paid off, and the remaining funds are yours to use for your own personal needs.
You can learn more about cash out refinancing options in New York State here. We review the benefits of cash out refinancing, potential risks, and details about how to get started with the cash out refinancing process.
The decision to refinance your home is often contingent on multiple variables. At Maple Tree Funding, our team of mortgage professionals can analyze your specific situation with your goals in mind in order to help you determine what refinancing option is best for you. With years of experience, our dedicated licensed mortgage professionals offer top notch customer service and are dedicated to getting you the best mortgage rate based on your unique circumstances.
Additionally, as an experienced NY mortgage broker, we work with dozens of lending institutions and have a wide selection of home loan and refinancing programs available. As a result, we can provide you with competitive options and mortgage rates that you may not be able to find elsewhere.
Whether you’re looking for home refinancing in Albany, Clifton Park, Saratoga or anywhere in New York State, the team at Maple Tree Funding can assist you. As a local mortgage broker based right here in Upstate NY, we know the ins and outs of NY refinancing, and are passionate about helping our neighbors find the right refinance option to meet their needs.