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Alliance Realty & Lending introduces home buyers and sellers to our broad range of
highly experienced Realtors and Loan Officers. We have a different approach with our clients when it comes to being involved
in their real estate and loan needs. We believe that our clientele should be treated with the highest level of personal attention
and have full confidence in their agent to perform their fiduciary duty. The ARL Team fully understands how important a real
estate and loan transaction is, that is why we strive to give every client our fully undivided attention. Let the professionals
do the work for you.
Lower your monthly loan payments: The decision to refinance your mortgage depends on more than
just an interest rate. A lower mortgage interest rate may result in lower loan payments. But extending the term of your mortgage
may also be a good way to save money and reduce monthly bills. Even with a small difference in rates, mortgage refinancing
could save you a substantial amount of money each month to put toward reducing your debt, home improvements or college tuition.
Build up equity faster: Refinancing with a mortgage of a shorter term may enable you to significantly lower your total
interest costs, because you are paying off the loan sooner. Your monthly mortgage payments may not increase at all, depending
on your initial rate.By reducing your term, you might be able to build up equity faster.
Switch from a fixed
rate to an adjustable rate for short term savings: This option could be ideal if you are planning on staying in your home
for just a few more years. An adjustable rate mortgage (ARM) may provide a lower initial interest rate that's adjusted periodically
afterwards, for the lifetime of the home loan. The lower initial interest on your mortgage may make your payments smaller,
providing you with short-term savings. What's more, if your loan includes a rate cap, you don't have to worry about the interest
rate going higher than planned. You may save money over the long term if mortgage interest rates remain steady or decrease.
Switch from an adjustable rate to a fixed for long term peace of mind: For some people, adjustable-rate mortgages could
cause worry and concern over which direction the market will go. As an alternative, a fixed-rate mortgage may provide you
with peace of mind and steady monthly loan payments. It's also beneficial if the interest rate is low -- you could lock into
a great interest rate and save even more money. For example, if you plan to remain in your house for the long term and rates
are favorable, refinancing with a long-term, fixed-rate mortgage (15, 20 or 30 years) may save you a significant amount of
money over the life of your mortgage.
Stop paying Private Mortgage Insurance (PMI): In most cases, if you put
less than 20% down when you purchased your home, you're most likely paying for private mortgage insurance each month. Once
you have accumulated more than 20% in equity, you may be able to eliminate the private mortgage insurance payments. It may
make sense to add additional funds to your principal. This may decrease the amount of time it takes for you to reach 20% of
your loan amount, enabling you to eliminate your private mortgage insurance sooner. Even if you haven't reached 20% equity
in your home, refinancing is another way to eliminate PMI.
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