MORTGAGE REFINANCING

If you are a homeowner who was lucky enough to buy when mortgage rates were low, you may have no interest in refinancing your present loan. But perhaps you bought your home when rates were higher. Or perhaps you have an adjustable-rate loan and would like to obtain different terms.

Would Refinancing Your Home Be Worth It?
Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings.

There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. (Depending on your loan amount and the particular circumstances, however, you might choose to refinance a loan that is only 1.5 percentage points higher than the current rate. You may even find you could recoup the refinancing costs in a shorter time.)

For more info: http://www.pueblo.gsa.gov/

FIND OUT IF YOU HAVE BAD CREDIT RATING

NCMB: Low Rate Mortgage Refinancing for Your Home.

$100,000 home loan for $339 per month! Generate Monthly Cash Flow NOW.*

*The payment for the first year is based on start-interest rate of 1.375% (APR 1.4%). You have the option every month to choose from 4 monthly payment options which best satisfy your needs. The monthly payment of $339 monthly remains fixed for 12 months and will increase to $364 beginning year 2 and continue to increase each year through year five at a rate. Rates subject to change without notice. Payments are approximate.

Call for details to determine whether you qualify for option payment mortgage program.

The Option Arm consists of adjustable rate mortgage (ARM) products with the flexibility payment options for you the borrower. You are in control of which payment option you want to make each and every month. The Option Arm (ARM) payment each month is calculated based on the performance of the MTA Index. The 12-MTA Index is based on yields published in the release titled “Selected Interest Rate-H-5,” published by the Federal Reserve Board on the first Tuesday of each month. The index is the calculated based on 12 month average of the preceding months.

Payment Options:
You choose the payment option each month. A minimum monthly payment is calculated off the low start rate. Then the minimum monthly payment is fixed for the year. Each year the minimum monthly payment increases 7.5% through year five. For example, if in year one the minimum monthly payment is $339 monthly, then the minimum monthly payments for the first five years are estimated as follows:
Year-1-$339; Year-2-$364 Year-3-$391 Year-4-$420 Year-5-$451

After the introductory period, borrowers may have four payment options:
1. The minimum monthly payment as described above
2. Minimum payment plus any interest owing for the current month (interest only)
3. Full principal and interest to amortize loan fully within the original loan term (40 or 30 years)
4. Principal and interest in the amount that would fully amortize the mortgage over an initial 15-year term.

Deferred Interest
If you choose to pay the minimum monthly payment, then deferred interest will accrue as the minimum monthly payment is not sufficient to pay the total monthly interest due. You have the option to allow interest to defer or may choose to eliminate any deferred interest by increasing the monthly payment amount or by paying the deferred interest in a lump sum at anytime. Call for addition details.

Eligible Properties
1-Unit properties
Single family, attached/detached
Second home
Condominium/Planned unit development (PUD)
Cooperatives (Co-ops)

Full Documentation
Loan amounts available for up to $1,500,000 with loan-to-value ratios (LTV) ranging from 65% up to 80% with combined loan-to-values (CLTV’s) up to 90%. Available for purchases and cash out refinancing. A minimum FICO required of 620. Call for additional information on product guidelines and restrictions.

Stated Income
Stated income loans are available for self-employed or non-salaried income; at least one applicant must be self-employed or non-salaried.

Loan amounts available for up to $1,500,000 with loan-to-value ratios (LTV) ranging from 60% up to 80% with combined loan-to-values (CLTV’s) up to 80%. Available for purchases and cash out refinancing. A minimum FICO required of 680 and in some cases a minimum FICO of 700 is required. The minimum FICO may be reduced to 650 when the maximum LTV for the loan limit is reduced by 5%. Call for additional information on product guidelines and restrictions.

Refinance your mortgage NOW and save over $300 a month!*

*Savings based on refinancing a 30 year fixed rate mortgage of $100,000 with an interest rate of 6.75%. The difference in payments is approximately $309 or $3,708 yearly.

$200,000 home loan for $678 per month! Generate Monthly Cash Flow NOW.*
*The payment for the first year is based on start-interest rate of 1.375% (APR 1.4%). You have the option every month to choose from 4 monthly payment options which best satisfy your needs. The monthly payment of $678 monthly remains fixed for 12 months and will increase to $728 beginning year 2 and continue to increase each year through year five at a rate. Call for details regarding payment options, payment amounts and to determine whether you qualify for option payment mortgage program. Rates subject to change without notice. Payments are approximate.

Refinance your mortgage NOW and save over $615 a month!*
*Savings based on refinancing a 30 year fixed rate mortgage of $200,000 with an interest rate of 6.75%. The difference in payments is approximately $682 or $8,184 yearly.

$300,000 home loan for $1,017 per month! Generate Monthly Cash Flow NOW.*
*The payment for the first year is based on start-interest rate of 1.375% (APR 1.4%). You have the option every month to choose from 4 monthly payment options which best satisfy your needs. The monthly payment of $1,017 monthly remains fixed for 12 months and will increase to $1,093 beginning year 2 and continue to increase each year through year five at a rate. Call for details regarding payment options, payment amounts and to determine whether you qualify for option payment mortgage program. Rates subject to change without notice. Payments are approximate.

Refinance your mortgage NOW and save over $925 a month!*
*Savings based on refinancing a 30 year fixed rate mortgage of $300,000 with an interest rate of 6.75%. The difference in payments is approximately $1,020 or $12,240 yearly.

Please note that your quoted rate may be higher, depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, credit score, income, employment status, and other factors. North Country Mortgage Banking is licensed to provide mortgages, refinance home loans, bad credit mortgages and home loans and other loan and refinancing services in New York, Florida, Connecticut, South Carolina, Texas, and Minnesota.

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