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Rate Points APR Payment
Conforming 30 Year Fixed
4.375% 0.126 4.444% $0
Conforming FHA 30 Year Fixed
4.750% -0.882 4.733% $0
Conforming VA 30 Year Fixed
4.875% -0.882 4.858% $0
Conforming 15 Year Fixed
4.000% -0.344 4.050% $0
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Testimonials
You helped my husband and I get financing for our first home. We may have stalked you during the entire process, but never not once did you make us feel that we were overwhelming. You answered questions twice, and almost held our hands the whole way! Since then you have helped us re-finance and I don't even think to go to anyone else to ask questions about financing our home. We trust you with our financial lives!
—Andrea P..
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Reasons to Refinance
There are five major reasons to consider refinancing an existing mortgage:
  • Decrease monthly payments from a higher fixed rate to a lower fixed rate.
    Example: If the rate is 7.5% now and a homeowner switches to a 6.5% rate, he or she will save 1% on the mortgage less the costs of refinancing. On a $200,000 mortgage, for example, the savings will be over $50,000 over 30 years by reducing the interest rate by just that one percentage point.

  • Improve monthly cash flow with lower payments.
    Cash flow may be tight after moving into a new home. Switching to an adjustable rate program where the rate is fixed for the next three to ten years could provide breathing room needed. Similarly, for those who are in a 15 or 20 year term loan, switching to a 30 year term can also increase monthly cash flow.

  • Switch to a fixed rate program to eliminate payment changes of adjustable rate mortgages (ARMs).
    Homeowners with one year ARMs will see their rates rise as rates move up. Using programs that hold rates steady for three, five or seven years, you can refinance into a low fixed rate.

  • Withdraw funds from the equity in a home.
    If cash is needed for home improvements, college education or to consolidate debts, the borrower may be able to refinance 75% to 80% of the current value of the home if it has been owned for one year or more.

  • Shorter loan terms
    Probably the best incentive to refinance is found by refinancing into a shorter term loan while keeping the loan payment stable. A borrower can save tens of thousands in interest by reducing the term of the loan.
  Residential Home Funding
1100 Route 55 Suite 201
Lagrangeville, NY 12540
Phone (845) 454-6088
Fax (845) 468-7130

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lagrangeville, poughkeepsie, hopewell junction, fishkill, wappingers falls, pawling, carmel, pleasant valley, hyde park, unionvale, poughquag, millbrook, kingston, newburgh, beacon, brewster, kent, mahopac, somers, bedford hills, mount kisco, briarcliff, chappaqua, pleasantville, thornwood, newpaltz, middletown, goshen, highland, warwick, danbury, rhinebeck, redhook, nanuet, tarrytown, armonk, airmont, spring valley, rye, white plains, port chester, greenwich, new city, patterson, beekman
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