Lower Payments

Lower Payments

LOWER PAYMENTS. GREATER FREEDOM.

When it comes to paying bills, we all prefer lower monthly payments. A new lower rate mortgage with better terms can help you reduce payments and pay down your principle faster. Refinancing your current mortgage can have multiple benefits. With a lower rate, you can lower your monthly payments and pay less interest over the life of the loan*. That can save hundreds of dollars each month — and maybe thousands over the remainder of your mortgage.

*Note: Total finance charges may be higher over the life of the loan.

The following questions address how refinancing can help you lower your monthly payments:

When does refinancing make most the most sense?

If your budget needs some relief, refinancing can be a great way to get it. When you refinance, you can save on your monthly expenses by eliminating high interest payments like credit cards and car loans.

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If interest rates are rising, is it a bad time to refinance?

Absolutely not. Decades ago, rates reached double digits. Even if rates are rising right now, they could still afford you the opportunity to refinance and improve your financial situation.

What conditions are ideal for a refinance?

If rates are low, it’s a smart time to refinance. But even if they’ve been rising, the rate you have now could still be higher. Also, have you increased the value of your home? That’s a plus. A good credit score is always key. And if you have a second mortgage loan or home equity line of credit, both could be paid off as part of the refinance — possibly saving you more.

If you have an adjustable rate mortgage (ARM), is now the time to refinance?

It absolutely could be. Refinancing now may not lower your mortgage payment, but it does fix the rate for the remainder of the loan, so there will be no more surprises for your budget. Contact an Embrace loan specialist for an evaluation of your current mortgage and opportunities to optimize your budget.

Does refinancing always require closing costs and other fees?

Not necessarily. There are no closing cost refinance options available. Those “no cost” options usually have a slightly higher interest rate. Paying closing costs upfront ensures you get the lowest rate available.

SHOULD I REFINANCE MY MORTGAGE?

What can I expect during the refi process?

Several factors are taken into consideration when you refinance your home, including your credit score, your debt-to-income ratio, and your loan-to-value ratio. Your Embrace mortgage specialist will explain the significance of each and help you find the loan that’s right for you.

With our streamlined process, you can get a new mortgage in three simple steps: apply, approve, close. Your dedicated loan expert will let you know what documents are needed, have your home appraised, and walk you through the entire process from beginning to closing.

Call 800-620-6292 to speak with an Embrace Loan Officer today. Or fill out this form and one of our specialists will contact you. There is no obligation so there’s nothing to lose.

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TYPES OF LOANS

What are the benefits of refinancing?

Embrace offers many types of home loans, each with unique advantages depending on your needs. Our mortgage specialists can help you find the loan that works best for you. Find out more and learn the pros and cons for each of these types of loans:

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30 Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 30 year fixed-rate cash out refinance loan at 3.875% with a 70% loan-to-value (LTV) is $1058.04 with 2 points due at closing. The Annual Percentage Rate (APR) is 4.123%. This assumes a FICO score greater than 680. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

30 Year Fixed-Rate Purchase Mortgage Example:
The payment on a $225,000 30 year fixed-rate purchase loan at 3.49% with a 70% loan-to-value (LTV) is $1,009.10 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.733%. This assumes a FICO score greater than 700. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.