There are many mortgage refinance plans out there, and East West Mortgage can guide you on your quest. A refinance is essence is a way to lower your current payments on your home mortgage loan. It is done through by purchasing a new loan to pay off your current one. A no closing cost mortgage is a special mortgage with no closing cost, but due to it having no closing cost the rates are increased.
How Rates Affect your Refinance
The rule of thumb is that you should only get a mortgage refinance if the rates are 2% lower then the current one. Rates are determined by many different factors. Your credit score is a numerical number given to you. The higher the credit score the more lenders will trust you, therefore lowering your mortgage rates. If you credit score is not up to par your mortgage rates will be higher. Those individuals with out credit are highly recommended to contact us to see what we can do. Those individuals with bad credit can still receive a loan or a refinance with the use of our sub prime programs (bad credit programs). The sub prime programs tailor to the needs of the individual with bad credit and can assist them in getting a loan or refinance.
Customizing your loan
Refinancing also allows you to change your loan to suit your current needs. You can switch to a fixed rate mortgage from a variable rate, so that you have a more stable monthly payment. Or you can switch to a variable rate mortgage from a fixed rate mortgage, if you can take the gamble of higher monthly payments. East West Mortgage also offers FHA and VA loans. East West Mortgage offers many mortgage plans for you to use.
We also offer many tools for you to use in determining if you should get a mortgage refinance or not. Our website has a free on line mortgage calculator that you can use to determine if you will save money by refinance. Our current rates are available on line as well. If you do decide to refinance with us, apply is very simple with our on line application system. If you prefer to talk to someone please feel free to call our toll free number at 1800-880-4202.
