One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, in many situations a 1% savings is enough of an incentive to refinance. Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.
For example, a 30-year fixed-rate mortgage with an interest rate of 7% on a $100,000 home has a principal and interest payment of $665.30. That same loan at 3.75% reduces your payment to $463.12. That's the way you want it. Try our 30 Minute Pre-Approval. We have streamlined our process to ensure that buying your home is as smooth and stress-free as possible.
You can apply on line, sign all your documents on line and send your documents securely all hassle free. Primemax works as a team utilizing all our experienced professionals as soon as you apply.
For example, a 30-year fixed-rate mortgage with an interest rate of 7% on a $100,000 home has a principal and interest payment of $665.30. That same loan at 3.75% reduces your payment to $463.12. That's the way you want it. Try our 30 Minute Pre-Approval. We have streamlined our process to ensure that buying your home is as smooth and stress-free as possible.
You can apply on line, sign all your documents on line and send your documents securely all hassle free. Primemax works as a team utilizing all our experienced professionals as soon as you apply.
Services
Our staff of mortgage professionals bring a combination of many years of experience to your mortgage loan!
At Primemax Mortgage Group, we take a "team" approach and work together to ensure the best service possible.
It is not unusual to find our team working on your loan after hours, or on the weekend!
Primemax customers walk away from closing feeling like they have extended their family with the Primemax loan family!
All of our MLO's are licensed by the State Banking Department of Alabama and must pass a vigorous licensing exam.
At Primemax Mortgage Group, we take a "team" approach and work together to ensure the best service possible.
It is not unusual to find our team working on your loan after hours, or on the weekend!
Primemax customers walk away from closing feeling like they have extended their family with the Primemax loan family!
All of our MLO's are licensed by the State Banking Department of Alabama and must pass a vigorous licensing exam.
This is the first and easiest step you can take to home ownership.
All you need to do is provide us with a few details about your employment, assets, and residence history.
We will then determine which program is best suited for you and the maximum amount for which you qualify.
A couple of factors determine this amount.
What kind of monthly payment are you looking for?
And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?
We'll also help you through different scenarios by asking a few simple questions.
All you need to do is provide us with a few details about your employment, assets, and residence history.
We will then determine which program is best suited for you and the maximum amount for which you qualify.
A couple of factors determine this amount.
What kind of monthly payment are you looking for?
And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?
We'll also help you through different scenarios by asking a few simple questions.
Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford.
This will put you in a better position as a buyer.
That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan.
The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, we will collect information about your debt, income, and assets.
This will put you in a better position as a buyer.
That's when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan.
The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, we will collect information about your debt, income, and assets.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash.
The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
FHA loan programs are particularly beneficial to those buyers with less available cash.
Lenders use a ratio called "debt to income" to decide the most you can pay monthly after your other recurring debts have been paid.
For the most part, conventional loans require a qualifying ratio of 28/36.
An FHA loan will usually allow for a higher debt load, reflected in a higher (29/41) ratio.
The first number is how much (by percent) of your gross monthly income that can go toward housing costs.
This ratio is figured on your total payment, including homeowners' insurance, homeowners' dues, PMI - everything.
For the most part, conventional loans require a qualifying ratio of 28/36.
An FHA loan will usually allow for a higher debt load, reflected in a higher (29/41) ratio.
The first number is how much (by percent) of your gross monthly income that can go toward housing costs.
This ratio is figured on your total payment, including homeowners' insurance, homeowners' dues, PMI - everything.
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