Refinancing can be a great way to consolidate debts and take advantage of today’s lower interest rates.
Elmwood Park, NJ (PRWEB) April 19, 2013
“Refinancing can be a great way to consolidate debts and take advantage of today’s lower interest rates,” said Michael I. Sema, President of Amber Sky Home Mortgage. “Homeowners looking to refinance should know all of the options available to them and educate themselves on which type of loan best fits their financial situation. Additionally, working with a mortgage specialist can help homeowners reap the full benefits of refinancing.”
Amber Sky Home Mortgage provides homeowners with the following refinancing options and explains how today's low interest rates can affect a homeowner's decision:
1. 15-Year Loan -- For homeowners that already have equity in their home and are looking to refinance, they may decide to take a 15-year loan instead of a 30-year loan. By taking a fifteen-year loan, homeowners will decrease the amount of interest they pay, which will result in a higher monthly payment. However, with interest rates as low as they are, this may offset some of the cost.
2. 30-Year Loan -- The prototypical loan that is ideal for younger homeowners who are planning to stay put and want to take advantage of lower monthly payments. A longer loan does mean paying more in interest over the long run, but with such low interest rates and the option to make larger payments, some of the additional expense can be offset.
3. Fixed Rate or Adjustable Rate -- Fixed Rate mortgages lock in the mortgage rate at the time of refinancing for the duration of the loan. However, if the homeowner feels that interest rates may still go lower, they can opt for an adjustable rate mortgage that fluctuates during the life of the loan depending on interest rates.
4. HARP (Home Affordable Refinance Program) -- This government-run program was birthed in March of 2009 from the ashes of the mortgage crisis. This program allows homeowners who currently owe more on their home than it is worth to refinance, and with all-time low interest rates, this program can help struggling homeowners get their feet back under them.
For information on 15 or 30 year mortgages, fixed or adjustable rate mortgages, the HARP program or to speak with a certified New Jersey mortgage specialist, please call (201) 393-0200 or visit http://www.amberskyhomemortgage.com.
About Amber Sky Home Mortgage
Located in Elmwood Park, N.J. Amber Sky Home Mortgage has been providing home buyers and owners with a tailored approach to home mortgage rates, loans and refinancing since 2006. The company’s seasoned team of professionals has helped thousands of people realize the dream of homeownership taking a personal approach to find the right loan that fits each individual’s lifestyle, recognizing that every customer has different needs to be met. For more information, please visit http://www.amberskyhomemortgage.com or call 1-866-955-5655.