Mortgage Refinance FAQ

MortgageloansNJ.com

If you have a question that is not listed please visit the consultation center. A mortgage expert will respond to your answer the next business day.

Why would I refinance?

• To pay off your mortgage in a shorter term.
• Consolidate debts
• Change from an adjustable to a fixed rate mortgage.
• Lower monthly payments with a lower interest rate.

How do I know if a refinance works for me?

Well a big factor in refinancing is how long you are going to live in the home. It will on average take three years of making payments until you realize the savings of a mortgage refinance. After that we recommend speaking with a mortgage broker face to face or over the phone to go over your needs.

How do I know I am going to get the best rate?

Getting the best mortgage is not always about getting the best rate, its about getting the best mortgage solution. Our brokers make sure to exhaust all available programs to insure you receive the lowest rate and best service.

What are the closing costs?

The following are costs associated with closing a mortgage refinance.

• Title & Escrow Fees
• Lender Fees
• Appraisal Fees
• Credit Fees
• Insurance Fees
• Taxes

What is a prepayment penalty?

This is a period of three to five years during the beginning of a mortgage, where the borrower will have to pay interest for as a penalty for paying off the mortgage early.