Why should I refinance?

If you are currently in a low, 30 year fixed rate; you're in good shape. But, if any of the reasons below applies to your current situation, you may want to look at refinancing.

1. Decrease Monthly Payments.
   If you can get a fixed rate that is lower than the one you currently have, you can lower your monthly payments.
   
   
2. Get cash from the equity in your home.
   If you have enough equity you can get cash out by refinancing. You can use the cash for home improvements, college tuition, or any other major expenditure you may have.
   
   
3. Switch from an adjustable to a fixed rate.
   If interest rates are increasing and you want the security of a fixed rate, or if rates have fallen below your current rate, it may be to your advantage to refinance.
   
   
4. Consolidate Debt.
   You can refinance your mortgage to pay off debt. If you are carrying balances on high interest credit cards, you can save money each month by refinancing. The interest you pay on credit cards simply goes out the window. By refinancing, you can take advantage of a lower interest rate-and that interest is tax-deductible.
   
   
5. Pay off your mortgage sooner.
   If you switch to a shorter term you can save interest and pay off your home earlier. Your payment may not be much higher than what you are currently paying.

What kind of mortgages are available?

1. Fixed-Rate Mortgages (interest rates and monthly payments stay the same for the term of the loan)
2. Adjustable-Rate Mortgages (interest rates and monthly payments can go up or down, depending on the market)
3. Contact your mortgage loan officer to go over the variety of programs available for you. There are several different purchase programs and 2nd mortgage programs. If you are self-employed and have difficulty in proving your income, call us today or E-mail one of our Loan officers, we can help.

What documents will I need for my loan application?

Personal Information

• Address an telephone numbers of each borrower
• Previous address(es) if you've moved within the past two years.
• Social Security numbers of all applicants.
• Age of applicant(s) and dependent(s)
• Name and address of landlord(s) or lender(s) for the past two years.
• Current housing expense details (rent, mortgage payments, property taxes and home owners insurance)

Employment / Income

• Name and address of employers for the past two years.
• Pay stubs for the past 30 days.
• W-2 forms for the past 2 years
• If you are self employed:
• Complete signed Federal Tax Returns for the past two years.
• Year to date Profit and Loss Statement and Balance Sheet
• Possibility of using bank statements or stating your income.
• Business license

Other Income

• If you receive Social Security, a pension, disability or VA benefits you'll need:
• A copy of your awards letter (or tax returns for the past two years).
• A copy of your most recent checks.

Rental Income

• A copy of the lease agreement for each rental unit.