Steve Asks…Should I Refinance to Lower My Balance?

Great Question Steve!

Twenty Two percent of the homeowners who refinanced their mortgages in the second quarter of 2010 paid additional money at closing to lower their principle balance.* This is a great opportunity for homeowners to lower their payments. We call this a CASH – IN refinance! Instead of many homeowners wanting to pull CASH-OUT of their homes in the form of equity – this option allows the homeowner to build equity by investing in their own home. In some cases it helps the homeowner obtain a lower interest rate, a shorter term, avoid private mortgage insurance or make the loan ratio to the value of the home more desirable.

*Source  – New York Times (Aug 2010)

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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