Residential

Refinance

What to consider:

• Have interest rates gone as low as you think they will in the near future?
• Check articles in the Wall Street Journal, the business section of newspapers, and business magazines for expert opinions on economic trends.
• Compare your existing interest rate with current market rates.
• Is there enough of a difference to warrant paying the closing costs and points associated with refinancing?
• Do you plan to remain in your home long enough to recapture the costs involved in refinancing?
• Payments on these types of loans are typically lower than most personal loans. So, in short, most times you can get the cash you need without significantly increasing your monthly payments.
• Even though there are up-front costs involved in refinancing, you will save money over time because your new interest rate is lower.
• Client 1st Mortgage will answer all questions at (866) 920-5777

There are a number of different reasons to refinance your home:

Debt Consolidation – If you have a number of high interest rate credit cards, loans and auto loans, a debt consolidation refinance may be the answer! You can consolidate all of your high interest rate debts into one low monthly payment and, in most cases, save hundreds of dollars a month! In addition, if the interest on your credit cards and other debts is not currently tax deductible, wrapping them into your mortgage, or obtaining a 2nd mortgage may increase your tax deduction (consult your tax advisor for details). Your Client 1st Mortgage specialist can help you with your debt consolidation plan.

Cash Out – Whether you are considering home improvements, or need cash out for a variety of other reasons, such as to start your children¹s college fund or take that vacation you have always wanted, refinancing your home may be the answer.

Purchase

General Mortgage Products:

Fixed Rate Home Mortgage

What is the difference between the interest rate and the annual percentage rate (APR)?

Interest rate is the contractual rate that you agree to pay for your mortgage loan. This rate is used to calculate the interest portion of your monthly mortgage payment. Annual percentage rate (APR) includes your interest rate and factors in the prepaid finance charges to give you an average yearly rate. APR can be a good tool to use when you’re comparison-shopping for rates.

What if mortgage rates change before I close on my home loan?

At Client 1st Mortgage you automatically receive a 60-day commitment that locks in your interest rate from the date that you apply. If the rate goes up before closing, you will retain the rate you obtained at the time of application.

What costs are involved in getting a mortgage?

Here’s what you’ll have to pay when you close on a mortgage loan:

Down Payment: Money that’s due up front on the home purchase. It will decrease the amount of money you need to borrow. You can put down as little as 3%, although many people put down between 10% and 20%. For example, if you buy a home for $100,000 and have $10,000 for the down payment, you’re putting 10% down and will have to finance $90,000 with a mortgage.

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Mortgage Information

If you are in need of financing Client 1st Mortgage is able to help.

Client 1st Mortgage has the skills and expertise to find the right program to fit almost any need. It is their goal to work with you to determine exactly what product fits your particular need. This is a large part of our “extra” effort to help make your purchase as smooth as possible.

On Client 1st Mortgage you can take a minute to complete the online credit application to get you started. One of their team members will contact you the same business day to discuss what we can do to help you with your transaction. It’s Client 1st Mortgage goal to help you meet your goal. Complete the documents provided below and fax back to (916) 332-0140.

Application

Complete the online credit application at Client 1st Mortgage and submit along with the following forms:

• A Tri-Merged Credit Report (if one is available, otherwise we can pull credit for you)
• Rent Roll
• Operating Statement
• Purchase Contract
• Past two (2) years of Tax Returns
  
• Our Loan Request Form
  

Once we receive your documents, we can work on a pre-approval for you in as little as 72-96 hours! Also accepting faxed forms to (916) 332-0140