What You Need to Know about Refinancing

People refinance for a number of reasons. You may like to consolidate first and second mortgages, get a lower interest rate, or lower your monthly payment. Perhaps you want to switch from an Adjustable to a Fixed-rate Mortgage, or to stop paying Private Mortgage Insurance (PMI). Maybe you're just looking to cash out some of your equity for home renovations. Refinancing allows you to redefine your mortgage loan to better fit your current needs.

 

However, there are many things to consider before deciding to refinance your mortgage. With so many options it's important to refinance the right way. At PRIME 1 BANCORP, LTD we’re happy to show you all of your options so you can make the best decision on a refinance loan. If you would like to find out if a refinance is right for you then give us a call today at 630-519-5955.

Interested in Refinancing? Consider this…

Are you planning on moving soon or are you in it for the long-haul?

If you're planning on sticking in your home for more than two years then a refinance mortgage is a great option. Because a refinance loan does require closing costs homeowners who plan to stay in their home for more than two years will usually ;make up for those costs with lower monthly payments. If you're looking to move within the next two years then a refinance might be a good idea depending on how far your rate drops. Please contact us to see if a refinance works well for you.

Do you need to tap into the equity of your home?

For most people a home is their most important and substantial investment. History proves that home values increase over the long-run. If your home is now worth more than it was when you purchased it you can use a refinance loan to access that extra value and turn it into cash to pay for unexpected bills, college or to start a business.

Is it time to grow your home?

As families grow, homes can feel smaller. Refinancing your mortgage is a great way to grow money for a home improvement project. The most attractive part of this is that a home remodel can increase the value of your home. This type of refinance can really pay for itself in the end.

Are the terms of your mortgage outdated?

It's likely that your situation in life is not exactly what it was when you first closed on your home. If that's the case then maybe your mortgage terms need a little updating too. Refinancing is a great way to switch from an adjustable to a fixed rate loan or to get into a 15 year loan as opposed to a 30 year.

Don't pass up the chance to improve your mortgage situation today by calling our lending professionals to see if refinancing is the right for you.

 
 

Additional Refinance Information

Home Refinance

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Required Documents

VA Loans

Veteran Loans

Disclaimer:
Prime 1 Bancorp, Ltd is not affiliated with any government organization or bank nor do we act on behalf of the FHA or VA. We are not a Federally chartered or State Chartered Bank. We are an we are an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate License #MB.6761138, a Colorado Registered Mortgage Brokerage by Division of Real Estate, a Florida Residential Mortgage Brokerage Licensed by the Office of Financial Regulation License #MBR1930 dba Prime 1 Bancorp Ltd, Inc, a California CFL Licensed Mortgage Brokerage by Department of Business Oversights 60DB055973 and an Alaska Licensed Mortgage Brokerage by the Division of Banking and Securities AK1434638-1 dba Prime 1 Mortgage . Prime 1 Bancorp, LTD Corporate Office is located at 2720 S. River Rd Suite 50, Des Plaines, IL 60018 our Toll Free Number is 888-205-3737.

Loan product availability is subject to qualification of the borrower and loan approval after full review of the file. Not every applicant qualifies or is eligible for every loan program. Some loan products may not be available in all states. Loan approval, note rate and annual percentage rate are dependent on factors including, but not limited to, credit, collateral, income, assets and overall financial history. Not all applicants will be approved for a loan. All loan programs, terms and annual interest rates are subject to change without notice. NMLS: 1434638