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Refinancing with HLIB can help consumers meet their financial goals

Posted on Tuesday, May 21, 2013 at 10:43:53 AM

As housing prices see repeated increases and home loan rates remain affordable, many consumers may consider purchasing property - and current homeowners may look to refinance - before further gains are seen. Modifying an existing loan is a good way for consumers to realize improved financial stability, as their monthly obligations may be decreased and they can continue to build equity in their property.

The trusted lending company Home Loan Investment Bank (HLIB) offers borrowers a full array of helpful mortgage products and residential financing opportunities which can assist consumers in meeting their financial needs. 

"Refinance transactions can be done with tailored amortization periods to help meet the borrowers goals," said Patrick Deady, vice president of HLIB. "For example, HLIB offers a 17 year 6 month term whereas most lenders offer the standard 10,15, 20, or 30 year term. HLIB also has great options for purchase transactions. We offer state housing programs with little or no money down and the popular Veterans Administration mortgage where veterans can purchase a home with zero down payment.  In addition, we offer Federal Housing Administration loans with only 3.5 percent down and flexible credit criteria. Finally, we have 203K loans where a borrower can also finance renovation work."

Though there may be a certain amount of uncertainty regarding when the best time to refinance a loan is, recent developments in lending practices may allow consumers to modify their mortgages for a number of different reasons. Homeowners looking to take advantage of low interest rates can benefit from the newfound funds in a number of ways.

"The old rule of thumb was that rates should fall two percentage points below your current rates to make a refinance worth your while," Deady added. "This old wives tail is not true anymore. The truth is the consumer should consult with a mortgage professional to determine whether refinancing is in your best interest. There are many reasons borrowers seek to refinance including lower rate, cash out for renovation or education, and other live changing reasons. Once a mortgage professional knows the circumstances they can illustrate your options and help you make an informed decision."

Individuals contemplating a mortgage modification can learn more about their options using the Refinance Advisor available on HLIB's website.