AMERICAN FINANCING

About Home Refinancing Loans

Most mortgage refinancing comes in the form of a second home loan. In order to determine if such a loan is appropriate in your particular case, you first need to decide whether you'll be saving more on interest than you'll be paying out in refinancing fees. As an added bonus, you may find that you can obtain additional cash while decreasing the amount you need to spend on your mortgage payments. Home refinance loans can be an attractive option because it allows you to use the equity in your house to your best advantage. It's important for you to understand how rates on home purchases are determined. The rate you pay is customarily based upon the prevailing interest rate, along with other considerations such as the amount of your down payment and your personal credit rating. Interest rates can fluctuate, based upon the decisions of the Federal Reserve Board. When you refinance, you trade a higher interest rate for a lower rate and decrease your monthly payment in the process.

With American Financing It is possible to reduce the length of your loan through refinancing. With a mortgage refinancing plan, you can change your term from a 30 year period to a 10 or 15-year period and in the process, you can save a substantial amount of interest. If you keep your same monthly payment amount but obtain a lower interest rate, you will be paying more on the principal of the loan each month, allowing you to enhance the equity in your home.

You can also use your home to obtain debt consolidation in the form of a home equity loan. This enables you to combine your high-interest loans to create a single loan with lower interest and a manageable down payment. Your property acts as security for the loan. Until you pay off the home equity loan, the lender will have a lien on your home. With such a loan, you can be protected from creditors and avoid the problem of having to declare bankruptcy.

Another important thing to keep in mind about home equity loans is that the interest on such a debt consolidation loan may be tax deductible. Check with your tax accountant to see if your interest can be fully deducted. You may be pleasantly surprised at the answer.

Contact one of Mortgage Specialist for free if you have further questions that we can help you with. (303) 695-7000

Home Purchase Financing

Discover the Simpler Way to Purchasing a Home with a Loan from American Financing.

The mortgage Consultants at American Financing have the best programs for purchasing a home. Whether you’re a first time buyer or a seasoned veteran, we have the ideal program for you and your family. Take advantage of our many options…

* $0 down payment programs
* No-cost, no-obligation consultations and closings
* Traveling mortgage Consultant —we'll come right to your door.
* 80% 1st mortgage 20% 2nd mortgage with no mortgage insurance.
* Salary-based mortgage Consultants and NOT 100% commissioned based loan officers

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