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We’re your Trusted Partner for residential and commercial mortgages

Phone: 480-699-1055 |
Email: harry@blakemortgage.com

Bank Won’t Finance You ?

You have the 3C’s: Credit, Collateral & Capacity. Yet the bank won’t trust your financials because you’re a self-employed individual and your business has un-even cash flows. Well, you’ve landed on the right page as we can qualify you based on your deposits for the last 12 or 24 months!
  • Up to $3M Loan Amounts
  • Up to 85% Max LTV
  • Self-Employed and
  • 1099 Borrowers
  • No reserves required at 65% or less LTV
  • No 4506T
  • No K1’s
  • No P&L’s
  • No MI

Why Refinance? Here’s 12 good reasons:

Low-interest rates are the most common reason borrowers refinance but are there other reasons? Yes! There are several beneficial reasons to refi your current loan and here’s a brief list that we’ve compiled through our years of experience.
All of these may not apply to you, but we bet you can find several reasons that apply to you!

Want to see a more accurate refi scenario? Give us a call today and see what a difference refinancing can make in your life.

 

1. To Get Cash

A cash-out refinance is the most convenient way to access your home equity. Use the money to pay for higher education, make home improvements, invest in an income property, or pay off debt. Today’s low rates make a cash-out refi a smarter choice than taking out a personal loan.

2. Your Credit Score has Improved

Your financial health has a significant impact on your loan terms. If your credit score has gone up and you’ve removed negative items from your credit history, you probably qualify for a better rate.

Not sure if this applies to you? Contact us for a free review!

3. To Switch to a conventional loan

Maybe you weren’t too keen on the original mortgage, but you agreed because it was the only one you could qualify for. Now that you’re in a better financial position, you have more home loan options to choose from. Low rates combined with no PMI makes conventional home loans one of the most popular loan products in this situation.

4. To Increase your loan term

Maybe you started with the idea of paying off your mortgage as quickly as possible, but now making large payments isn’t feasible. Refinancing to a 30-year term can ease the burden by reducing your monthly payments into one that you can comfortably afford.

5. Divorce Situation / Buyout

In divorce cases, one spouse buys out the other to remove them from title and the loan. If you have a co-borrower and you now need to remove them, refinancing can do that just that. Even thugh you can remove someone from title, it’s not that simple for a mortgage. You must refinance to remove the other borrower from the loan.

6. Capitalize on equity / Home value has gone up

Some homeowners like to take out some of their equity even just to set aside for a rainy day. Home prices adjust all the time. So if you see your home value has gone up, you might want to access that equity while it’s on the upswing.

7. To lower your loan to value (LTV)

On the other hand, you may have recently inherited some cash and are looking to reduce your mortgage balance. Instead of just applying that lump sum into your current loan, consider refinancing into a shorter-term loan as well as use the lump sum. This way, your rate will be lowered, your loan will be paid off faster plus your monthly payment may not even increase!

8. Consolidate Debt

Have a second mortgage? Refinancing can consolidate your loans into a single one. A second mortgage comes with higher interest rates, so consolidation makes sense if you want to both save money and the headache of dealing with several mortgages.

9. Reduced Monthly Payments

If rates drop by half a percentage point (.5%) that would mean a $2,000 savings in interest payments on a $400,000 loan. It behooves you to look into refinance options especially if you plan to stay in your home for the long term. You could also ask us for a “No Closing Costs Option” where in return for a slightly higher interest rate than the market, the yield in the rate would absorb the closing costs.

10. Reduced Loan term

Changing your 30-year mortgage to a 15-year loan saves you money for two reasons. One: you pay interest over a shorter time span, say 15 years vs 30. Two: the interest rate is usually lower than a 30 year mortgage. While this is a more aggressive way to pay off your mortgage, your savings could mean thousands over the life of the loan. Click here and request a proposal that illustrates the advantages.

11. Eliminating PMI

If your loan-to-value ratio (LTV) has decreased, refinancing your loan could eliminate private mortgage insurance (PMI). Combining the savings from getting rid of PMI with a lower rate means even bigger savings.

12. Switching from Adjustable to Fixed-Rate

A hybrid adjustable-rate mortgage (ARM) is a mortgage product that offers a low fixed rate for a fixed period. After that, your rate adjusts to current market rates. Many homeowners refinance into a fixed-rate mortgage right before the first adjustment to avoid a significant increase in costs.

Depending on the previous rate you qualified for, the current one might be even more favorable than it was with your original ARM!