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Refinancing
Loans for Any Purpose!
-Consolidate Debt
-Lower Payments
-Get a Fixed Rate
-Get Cash from Your Home
Refinance Help:
-Bad
Credit Refinancing
-Loan
Guide
-Compute
Savings
-Refinancing
a Good Idea?
-Successful
Preparation
-Ensuring
Fast Closings
-Refinancing
ARMs
-Closing
Costs
Home Equity Loans
Home Purchases
Mortgages
Auto Loans
Personal Loans
Credit Reports
Debt Consolidation
Credit Cards
Home
-Taxes
-Managing Money
-Credit Help
-Checking Accounts
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SUCCESSFULLY ACHIEVING YOUR REFINANCING
If you are considering refinancing your mortgage, now is the time
to do it. Mortgage rates are at their lowest rates in years.
Below are some common tips that will
ensure a stress free, speedy refinance process.
Know why you are refinancing!
Refinancing because rates are low should not be your goal. Are
you refinancing to
lower your payments?
Get a fixed rate?
Consolidate your debt? Or perhaps you need to some
extra cash out of your home? The more prepared you are, the
better Star Loan Services will be able to help guide you in the right
direction.
We offer many different loan products, all of which are vastly
different, each satisfying different needs. For example, if you are
interested in achieving the lowest monthly mortgage payments
possible, an interest only loan would achieve that goal. However, an
interest only loan is a smart choice for only a few homeowners.
A loan that adjusts monthly or annually will offer a very low rate
initially. This rate will rise as short-term adjustable rise above
today's long term rates. There type of loans are called hybrid adjustable-rate mortgages.
They have a low introductory rate for three, five, seven or 10
years. These loans then adjust annually after the intro rate expires.
These types of mortgages are good for people that are anticipating
moving before the introductory rates expire, or moving shortly
thereafter.
You can amortize your new loan if you are looking to lower you
monthly payments but don't want to increase the term of your loan.
This means keeping the amount of time on your loan the same and
adapting the your new interest rate to the existing term. You can
even lower the term of your loan when you refinance this way.
Check Your Credit!
Credit ratings impact mortgages. Therefore, be smart and
get a copy of your credit report before you apply for a
refinance loan. You need to make sure that your credit score is what
it is supposed to be. This means making sure that your credit
information is being reported accurately. We suggest purchasing a
3-in-1 credit report. A 3-in-1 report has your credit information
from all three of the major bureaus.
You can learn more about
how your
credit influences your loan request.
Prepare your paperwork!
Star Loan Services will let you know what documents and paperwork
that you will need in order to complete your refinance request.
Having all of this information prepared will help ensure a speedy
process.
Locking in
If you want to ensure that you get the interest rate you are looking
for, lock in as long as you can! Although Star Loan Services can
close you refinance request in 5-7 days, issues often arise in way of
the applying person and their personal life, resulting in loans not
closing as quickly as anticipated.
Be in contact with Star Loan Services or the lender handling your
loan!
It is always a good idea to stay in touch with your lender and call
them frequently to make sure that the loan process is going as
planned.
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