FREQUENTLY ASKED QUESTIONS
WHEN SHOULD I REFINANCE?
You should consider refinance options when you can either;
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a) lower the monthly payment,
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b) shorten the remaining term to pay-off the loan sooner or
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c) when accessing equity is important for debt consolidation, remodeling project or to fund unexpected projects.
SHOULD I GET A FIXED RATE OR ADJUSTABLE RATE LOAN?
The answer to this question is typically found in asking what is the anticipated timeframe that you will keep this property. If you feel you'll only keep this property for 3-5 years, there's little benefit to a 30 Yr mortgage.
WHAT IS A SUB-PRIME MORTGAGE?
Sub-prime mortgages are intended for the use of applicants with some credit challenges that do not allow for conventional mortgages. These are almost always considered a "last option" but can offer viable solutions when they are the only available mortgage option at the time.
WHAT IS A NON-QM MORTGAGE?
Non-QM Mortgages offer options for borrowers who cannot verify income with tax returns or have limited earnings from a business that they own, however, have considerable monthly business bank deposits. There are other options like P&L and Debit Service Coverage (DSCR) where these loans may be the best options for some borrowers.