101 Best Lenders

    At 101BestLenders.com mortgage refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include: paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan, or getting cash out. A few reasons for cashing out are: home improvement, education, or consolidating debt.

    An alternative way to convert equity in your home to cash is to do a "home equity" loan. A "home equity" loan is an another way to refinance. A reason to do a home equity loan would be if your first mortgage has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.

    In order to refinance, you will need a current appraisal, and in many cases verification of your income and assets.

Refinancing with 101BestLenders.com can be a good idea if you:

Want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.

Have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.

Want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.

Want to build up equity more quickly by converting to a loan with a shorter term.

Want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.

Should You Refinance Your ARM?

In deciding whether to refinance an ARM you should consider these questions:

Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points higher than the prevailing rates being offered for either fixed-rate loans or other ARMs?

If the current mortgage sets a cap on your monthly payments, are those payments large enough to pay off your loan by the end of the original term? Will refinancing to a new ARM or a fixed-rate loan enable you to pay your loan in full by the end of the term?

#1 for all the Rate Reasons!

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101 Best Lenders

    "I saved over $900 per month on my mortgage when I refinanced with 101BestLenders.com."
Thank You,  Luis B. Phoenix, AZ"

    "I went to my local bank and they said I couldn't qualify for my dream home, after I declared bankruptcy due to medical problems. I was going to give up on owning a home. Then I applied at 101BestLenders.com and one of your loan specialists called me and told me they knew how to get my loan financed. Not only did they get my loan financed - I got a great rate! Thank you so much!  Kelly T. Scottsdale. AZ"

"101BestLenders.com really knew how to make refinancing my home a pleasant experience. It was a pleasure doing business with you! You refinance my home in less then 21 days. Thank you! Dr. B. - Paradise Valley, AZ Resident."

"Your loan specialists delivered the rate you quoted me upon our initial application and the Fees were exacty the same when I went to close the loan. I will refer you to all my associates. Thank You! Tom T. Scottsdale."

"I was referred to 101BestLenders.com from my Real Estate Agent. We had some credit issues you had to deal with, to make my loan work. We sincerely appreciate the work you did to make our dream come true. Lisa. P. Chandler."