Whether you are looking to purchase or refinance your first home, a vacation home or investment property, you've come to the right place.  At Plaza, we can find the best program to work for your specific loan needs.

Purchase

First Time Homebuyers:  Buying your first home is an exciting adventure and is one of the biggest investments you will ever make.  There are many things to learn throughout the process beginning with, where should you start?

One of the first things you need to consider is what can you afford to live comfortably in your new home.  Talk to your mortgage professional and get pre-approved before you start looking.  Your loan officer will not only help you to determine what you can comfortably afford, but will explain the details of the loan process, provide a credit consultation and take into consideration your short and long term financial goals. 

Once you've determined your ideal purchase price, experts recommend that you live for a few months as if you already were paying that mortgage amount.  If you can do so fairly comfortably, not only will it answer the question (can I afford this home?), but you'll have a little bit extra socked away in savings.

If you find your savings are not sufficient enough for the down payment required, take a look at the homebuyer assistance programs offered in your local area.

And if you need to improve your credit to obtain a better interest rate, review the credit do's and don'ts. 

Refinance

When is the right time to refinance?  There are several reasons to consider refinancing however, you need to consider your entire financial situaiton and goals before determining whether refinancing makes sense for you.

Refi to Lower Your Rate: Refinancing often makes sense if you can finance for a lower rate than you currently pay.  If your savings in interest (over the life of the mortgage) at the new rate is greater than the cost incurred in refinancing, it may make senst to refinance your mortgage.

Your loan officer can provide you with an analysis of how much it will cost you to refinance and the variance in interest rate with your current loan compared to the new, lower rate.  Fees associated with the refinance may include lender fees, appraisal fees, credit report and title and escrow fees.  Origination or discount fees may also be included if you are looking to get a lower interest rate.

Refi to Move to a Fixed Rate Loan:  If you currently have an adjustable rate mortgage (ARM) and you want to switch to a fixed rate mortgage (FRM) at a low rate, it may make sense to refinance your loan.

With an ARM, your interest rate (and therefore monthly payment) can change every six months to every three years, depending upon the terms of your loan.  Perhaps you financed your home during a high interest period and an ARM allowed you a lower initial interest rate and monthlly payment.  Or maybe you only planned to stay in your home a short itme or expected your income to increase - all situations in which an ARM may make financial sense.

Now interest rates are still quite low but expected to rise in the future.  If you plan to stay in your home for a few more years, long enough for your potential savings in interest to outweight he fees associated with refinancing, now may be the perfect time to refinance your ARM into a FRM.

Call us today to learn more.  1-800-816-LOAN (5626)