Why Refinancing Makes Sense Right Now

With mortgage interest rates under 4% and an array of new, streamlined programs, refinancing has never been easier than right now. By replacing your original mortgage with a new, more cost-effective loan, you can lower—and lock in—your interest rate, improve your term, reduce your monthly mortgage payments, and save thousands of dollars over the life of your loan. And, depending on the value of your property, refinancing may also help you access equity for cash and even pay off your home earlier than you originally anticipated.

“There used to be a belief that refinancing only made sense if you could recoup the costs of your loan within two years,” says Matt Helling, Vice-President of Sales and Operations at Cambria® Mortgage™. “But with the numerous no-closing-cost options, that rule may no longer apply.”

Even if your original mortgage is with another lender, you can refinance with Cambria Mortgage and receive expert advice and personal, hometown service with impeccable attention to detail at every step of the process. Here’s a brief overview of popular refinance options. Your Cambria Mortgage loan officer can help you determine which is best for your financial situation.

A Rate and Term Refinance is a great way to improve your existing mortgage. You can lower your interest rate, potentially saving hundreds of dollars every month. Or, alter the term of your loan (from 30-year to 15-year, for example), potentially saving thousands of dollars over the life of your loan.

A Cash-Out Refinance allows you to refinance your mortgage and access the equity as cash. This can be a cost-effective way to purchase a second home, fund a home renovation project, reduce credit card or other debt, pay for college, or buy a car or other major purchase.

If you have an existing FHA home loan, you may be eligible for a FHA Streamline Refinance. This innovative program may allow you to lower your interest rate. Unlike cash-out refinances, this program does not allow you to remove any equity from your home.

If you have a mortgage backed by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Refinance Program (HARP). Originally developed in 2009 to help homeowners who are underwater or nearly underwater refinance their mortgages, HARP enables you to lower your interest rate and improve the stability of your loan by moving from an adjustable-rate mortgage to a fixed-rate mortgage. HARP ends in December 2015, so if you’re interested, talk to a Cambria Mortgage loan officer now.

Your Cambria Mortgage loan officer can help you navigate through all of the options available determining what type of loan option is right for you. As an added bonus, your new loan may be tax deductible. Once you’re approved for a new mortgage, Cambria Mortgage will pay off your first loan, create a new mortgage, and you’re good to go!

Choosing a Down Payment Option That is Right for You

When looking at purchasing a new home, one of the biggest questions that could come up is what to do about the down payment. There are many options for down payments so it is important to find the option that is right for your current situation and your future financial goals.

Rates are Rising: Why Not to Worry

The recent headlines allude to a rising rate environment, but that may not tell the whole picture. While rates have increased slightly in the past few months, they are still near historical lows and should not be seen as a deterrent for buying a home or securing a lower rate with a refinance.

Welcome Home: Discover the Cambria Mortgage Difference

Buying a home is one of the biggest decisions of a lifetime. Given the financial and emotional value of your investment, it makes sense to work with a mortgage company you know and trust. We asked John Schroeder, CEO/President of Cambria® Mortgage™, to explain the hometown difference.

Your Lifestyle, Your Mortgage: Choosing the Right Home Loan

As we swing into the fourth quarter of 2016, it continues to be a strong year for real estate. With historically low interest rates for primary and secondary residence loans, now is a great time to refinance your current home loan, buy a new home, or invest in a vacation home with a mortgage that fits your lifestyle.

Remodeling ROI: How to get the biggest bang for your renovation buck

If you’ve been thinking about remodeling your home, you’ve probably realized that it’s both an emotional and financial decision. For example, if you love to cook, a new kitchen with a chef-grade stove may bring you countless hours of joy and entertainment. But if you might be selling your home within the next few years, you also want to know the kitchen will pay for itself when the “For Sale” sign goes up in your front yard. Here are some tips to help you get the biggest bang for your renovation buck.