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• Mortgage Refinance
• About Embrace

Frequently Asked Questions - Mortgage Refinance

How can I get the best possible interest rate on a mortgage or refinancing?

Keep in mind that interest rates are only one factor to consider with a mortgage. You also want to make sure you have a monthly payment that's manageable, reasonable fees, and that the terms of the loan make the most sense for your financial situation. Beyond that, there are a few things you can do:

• Maintain a decent credit score. It shows lenders you're a safe bet and won't default on your mortgage. Pay your bills on time, and don't take on more debt than you have to. Your good credit practices can result in very attractive rates for you.
• Be honest about any problems. You probably know that lenders will perform a credit check on you. However, life throws us all a curveball or two, and we don't always manage to get our bills to the mailbox on time, or maybe our job security doesn't always last. If you have a lot of late or missed payments, whether on your mortgage or your regular bills, be prepared to discuss them with your lender. If you have documentation to support your version of what happened, you'll look better. But don't be discouraged; if you have other factors in your favor, like a long work history, this can help offset the negatives you may have. (At Embrace, we'd rather say yes to you!)

Refinancing seems like a hassle. Is it worth it?

Refinancing to get a lower interest rate will lower your monthly payments. It can also help you get rid of PMI payments when you have enough equity, or consolidate a first and second mortgage into one payment. Refinancing to reduce your outstanding debt like car loans or credit cards can also save you money over the long run as well. Ask an Embrace Home Loans Mortgage Specialist for their expert opinion!

What's a variable rate mortgage?

It's also known as an adjustable rate mortgage (ARM), and can offer you a mortgage with a lower payment. What that means is that the interest rate automatically adjusts itself on a predetermined schedule to keep pace with current rates. This loan also comes with an interest rate cap that limits how much your rate can change during the mortgage. You get to see the schedule, payment amounts, and adjustment periods before you agree to the loan.

Why would I choose a variable rate mortgage over a fixed rate mortgage?

It depends. A variable rate mortgage can be a great option if you plan to move in the next five years

Which type of rate is better for me?

That decision rests on many factors, including your financial goals, housing needs, and whether you want low upfront payments or fixed predictable ones. Your Embrace Home Loans Mortgage Specialist can help you get a better answer in just a few minutes. Get in touch with us today!

About Embrace Home Loans

We're a direct lender for Fannie Mae, Freddie Mac, and an approved Ginnie Mae issuer for FHA insured mortgages. With Embrace Home Loans, you can get the loan you need. As a direct lender, you deal with us, and only us. We'll lend you the money you need, whether it's for a new home, a home renovation, a college education, or to get ahead on your high-interest debt. And we can do it in as little as 21 days. Don't put off your brighter tomorrow. Fill out our quick, no-obligation, and confidential form. Or call 1-800-620-6292.