Refinancing a home mortgage can be confusing, and East West Mortgage can guide you on your quest. Most people refinance to save money but there are other reasons to mortgage refinance. A refinance is essence is a way to lower your current payments on your home mortgage loan.
How it Works
It is done through by purchasing a new home mortgage to pay off your current one. The rule of thumb is that you should only mortgage refinance if the rates are 2% lower then the current one. Those individuals with out credit are highly recommended to wait and build up their credit first. Those individuals with bad credit can still receive a loan or a mortgage 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.
Benefits of Refinancing
Refinancing also allows you to change your home mortgage 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 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 mortgage rates are also posted on the web site. If you do decide to refinance your home mortgage with us, apply is very simple with our on line application system or you can call us at our toll free number 1800-880-4202