Refinancing Your Mortgage in Beaver County

Your Beaver County is proud to present the second part of our partnership series with the leading mortgage lender in Beaver County, Mortgage Lending Solutions, located in Monaca, and its president, Chris Wagner.

Chris is the consummate professional and extremely knowledgeable in the lending industry. Chris and his staff are leading the way in helping families secure the proper financing needed. In this edition, Chris explains the ins and outs of refinancing your mortgage, and the best ways to minimize the costs.

Current mortgage interest rates are hovering at a very low rate of just below 4% on a 30-year fixed mortgage. This is not only a great time to purchase a home, but also a great time to refinance your mortgage.

Chances are, your mortgage has a higher interest rate than one you can currently get through refinancing. This is great way to save thousands of dollars in interest over the life of a mortgage.

Why Refinance?

First, why would someone want to refinance the mortgage on their home? Chris said that most people refinance to either lower payment or decrease the term of the mortgage, say from 30 years to 15 years.

He recommends that in an ideal situation, people should only refinance when they can put on term equal to or less than the current number of years remaining on their mortgage.

When to Refinance?

The next question I asked him is, “When do homeowners usually refinance their mortgage?” “Normally, homeowners can begin to inquire about refinancing after they’ve been in their home for more than two years, but of course it depends on what the current interest rates are,” Wagner said.

Advantages of Refinancing

We then got into the pros and cons of refinancing. Chris noted that there aren’t many disadvantages, other than making sure you are in your home for at least three years to recoup any costs, but he did list a few advantages of refinancing.

First, refinancing at a lower interest rate can ultimately save you thousands of dollars in interest over the term of your loan. Being able to finance closing costs, which are typically around 5-10% of the mortgage, allows the homeowner to not have out-of-pocket expenses.

Mortgage Lending Solutions can save homeowners thousands of dollars in out-of-pocket expenses when it comes to refinancing your mortgage. They have the ability to time the closing just right so that their clients can skip one or two payments before the new plan kicks in. This is one advantage of choosing Mortgage Lending Solutions over another lender.

Unlike banks, all of the loan officers at MLS must pass national licensing tests. Chris and his staff have numerous outlets to find the best possible rates for their clients. MLS is locally owned and operated with multiple years of experience exclusively in the mortgage industry.

This is what separates Mortgage Lending Solutions from the competition, and this is why you should call Chris Wagner when you’re considering refinancing your mortgage.

You can locate them on the web at www.mortgagelendingsolutions.net or by calling 724-774-9464.

YBC Case Study

After my previous article about Mortgage Lending Solutions, Andy decided to stop by and look into refinancing his mortgage. The entire process has been completely painless.

Dropping his interest rate from 5.75% to 3.5% on a new 30-year mortgage would lower Andy’s monthly payment from $839 to about $650. Another option was to keep the payment pretty close to where it was and shave more than a decade off of the life of the mortgage. Can’t lose either way there!

After the home appraisal, a third option came into play because Andy has established some significant equity in his home. At this point, he is considering a mortgage that would keep his length and payment pretty close to where they are now, but allow him to pull out a down payment to purchase a rental property.

With three options like that to choose from, Andy really can’t make a bad decision here. Keep in mind that none of those will require any serious out-of-pocket costs to him.

The best part is that it literally costs NOTHING to sit down and talk with them!