| When Should You Refinance Your Mortgage?
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| | $40,000 difference, minus closing costs.
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| There are two primary reasons to
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| | Ohio Mortgage Bankers Association
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| refinance a mortgage: to get a more
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| | To learn more about Ohio Mortgage options
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| desirable rate and terms or to extract
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| | you can check with the Ohio Mortgage
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| cash from the home's equity. Both of
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| | Bankers Association, founded in 1961.
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| these reasons can of course also be
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| | OMBA is a statewide organization devoted
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| fulfilled!
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| | exclusively to the field of residential
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| Rate-and-term refinancing
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| | and commercial real estate finance.
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| Rate-and-term refinancing pays off one
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| | OMBA's membership comprises mortgage
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| loan with the proceeds from the new loan,
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| | originators and servicers, as well as
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| using the same property as collateral.
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| | investors, and a wide variety of mortgage
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| This type of loan allows you to take
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| | industry-related firms. Mortgage banking
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| advantage of lower interest rates or
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| | firms engage directly in originating,
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| shorten the term of your mortgage to
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| | selling, and servicing real estate
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| build equity faster. Rate-and-term
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| | investment portfolios.
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| refinancing refers to a myriad of
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| | Members of OMBA include mortgage bankers,
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| strategies, including switching from an
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| | mortgage brokers, banks, mortgage
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| ARM to a fixed or vice versa. For
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| | insurance companies, attorneys, credit
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| example, if you have an ARM that is set
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| | unions, saving & loans associations
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| to adjust upward in a few months, you can
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| | etcetera.
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| refinance into a fixed-rate mortgage. Or
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| | OMBA is dedicated to the maintenance of a
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| if you have a fixed-rate loan and you
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| | strong housing, residential and
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| know you will move in two or three years,
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| | commercial, real estate finance system.
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| you could refinance into a lower-rate 3/1
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| | This involves support for a strong
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| hybrid ARM.
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| | economy; a public-private partnership for
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| Cash-out refinancing
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| | the production and maintenance of single
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| Cash-out refinancing leaves you with
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| | and multi family home ownership
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| additional cash above the amount needed
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| | opportunities; a strong secondary
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| to pay off your existing mortgage,
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| | mortgage credit delivery system;
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| closing costs, points and any mortgage
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| | equitable tax laws; suitable shelter for
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| liens. You may use the additional cash
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| | low income families and the
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| for any purpose.
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| | disadvantaged; housing opportunities for
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| For example, say you bought your house
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| | the nation's veterans; appropriate
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| for $150,000 a few years ago and borrowed
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| | environmental measures; and fair and
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| $120,000. Now the house has an appraised
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| | equitable bankruptcy laws.
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| value of $250,000 and you owe $110,000.
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| | OMBA consists of 145 member companies
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| With a cash-out refinance, you could get
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| | which represent approximately 80% of the
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| a mortgage for $150,000. You would pay
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| | mortgage lending business in the State of
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| off the $110,000 you owe and pocket the
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| | Ohio.
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