Homeowner Mortgage Refinance

Are you a homeowner needing a loan to refinance out of a rapidly increasing adjustable rate mortgage? Maybe you need to refinance out of a high interest rate Sub-Prime loan using our great FHA loan program? Maybe you're just looking to refinance your mortgage and take out badly needed cash out for debt relief? If any of these situation fits you, then we have a ideal mortgage refinance solution for you. With a huge assortment of homeowner mortgage refinance options, 1st Continental Mortgage can tailor make a loan solution that gets you out of that ARM, high rate mortgage or help you get some cash out for whatever purpose.

Unlike a home equity line of credit, or a second mortgage, the homeowner refinance programs offered by 1st Continental Mortgage are no different than when you first purchased your home. Unlike secondary mortgage financing, we can assist you with achieving your objective using a single mortgage loan.

As a homeowner, it's easy to decide whether you should go for a mortgage refinance based upon your pocket book or advertised rates, but the truth is, it's not easy to figure out whether it's the best time for a refinance loan. At 1st Continental Mortgage, we can work with you find out whether getting a cash out refinance loan or rate and term refi, is the best choice in your situation or not. Contact us today and change your life forever, do away with the cash crunch a bad mortgage loan can cause. Don't wait any longer to get your mortgage checkup! Call us today!

When Refinancing Makes Sense

Here are some standard situations when getting a refinance loan can make a whole lot of sense.

When you originally signed your mortgage papers, another mortgage company convinced you that the "Adjustable Rate Mortgage" is stable and "you've got nothing to worry about"; yet, not 4 years later, the indexes have popped and trends say you're going to be paying 9 or 10% before you know it! It's definitely time for a rate and term refinance into a Fixed Rate stable mortgage!

You had some credit issues when you first financed your home, and since that time, you found out you could have qualified for a great low rate FHA mortgage instead of the Sub-Prime, high risk loan our competition put you in. As a homeowner, don't worry, we can now help correct that problem and save you tens of thousands of dollars in the process. Lets refinance out of that high rate, high risk, bad credit loan into a low fixed rate FHA mortgage!

Your debt has accumulated to the point that you're no longer living and enjoying your home, rather, you now find yourself working for your creditors. A bad situation to say the least for any homeowner. We can assist you in putting that equity in your home to work for you, use your home to refinance with a debt consolidation loan and create a single fixed rate loan payment that could save you hundreds of dollars a month and thousands of dollars over the life of your loan. Not to mention, you can actually start working for your future, not your past.

When A Refinance Loan May Be A Bad Decision

Now that you see when to refinance your mortgage, we'd also like to advice you on when NOT to refinance.

When The Value of Your Home Has Gone Down - A homeowner nightmare, If your property value has had a dramatic decrease and you have found yourself owing more on your home than what it's presently worth. In this instance, don't lose heart. Historically, property values will eventually recover. In the meantime, pay your mortgage on time as you'll be building equity that will grow as your home value begins to increase.

If you have less than 20 years on your mortgage, a refinance loan for any reason other than taking cash out is not a good move. Even if your objective is to refinance into a shorter 15 or 10 year position. Anyone that tells you refinance that loan now just wants your hard earned homeowner equity. As you've paid the bulk of your interest, to achieve the same results, without the costs, simply increase the payment you're making on your present loan equal to the terms you're offered on a new, shorter term mortgage. You'll actually pay your loan off faster.

Bad Credit can be a big reason not to refinance a mortgage, especially if you have a low fixed rate 1st mortgage right now. Unless you can qualify under the FHA Loan program to get cash out to consolidate debts, you are far better served staying away from a high interest rate, extremely high risk loan program. Work out alternative payment arrangements with creditors to help with cash flow. Don't put you home at risk for credit card and consumer debt when you have a low fixed rate interest loan.

Refinance Loan Programs

Knowing when to and when not to go for a refinance loan helps significantly and at 1st Continental Mortgage, we want you to be happy! There are really two types of mortgage refinance. Virtually every situation for refinancing as a homeowner can fall into one of these two loan types.

Rate and Term Refinancing - If you need just enough cash to pay off your current mortgage then rate and term refinancing is the definition for what you're attempting to do. This mortgage is designed to address specific situation which include; modify the rate of interest on your loan or alter the loan term or adjust both. You can customize the refinance loan to better suit your situation based upon program options, i.e. interest only, ARM, 10, 15, 20 or 30 year fixed.

Cash-out Refinancing - This program is designed to assist customers when your new mortgage loan is more than the unpaid balance of your current mortgage, with the same property as collateral, you can have extra cash to spend as you wish after paying off the mortgage. Again, you can customer the new refinance loan using program options.

Each of these refinance loan types can serve varied product types and offers options:

• Adjustable Rate Mortgages; 1/1, 3/1, 5/1, 7/1, 10/1, 2/2/8, 3/2/8 etc.
• Interest Only Refinance Options
• Fixed Rate; 10, 15, 20, 30 and 40 year terms
• Pick a Payment
• FHA & VA Streamline Refinance
• Jumbo and Super Jumbo mortgage refinance
• Investor Loan Refinance
• Many More!

At 1st Continental Mortgage, we would love the opportunity to speak with you further. Want to know more? Call us today!