Advantages of Mortgage Refinancing

Mortgage refinancing can save you a ton of cash. The market changes drastically from year to year. Knowing these facts will give you the advantage with competitive mortgage financing.

  • Better Mortgage Rates are Available Now -You can often save money by reducing your mortgage rate if mortgage rates have fallen since the purchase of your mortgage. Find out what mortgage rates are today.

  • Lower Monthly Payments - Lower monthly payments by stretching payment date past the original posted date that will lower your principal rate.

  • Predictable Costs - Switch your ARM (Adjustable-rate mortgage) to a fixed rate loan which, will lock in your rate until your mortgage is paid.

  • Shorten Your term - Average borrowers begin with a 30-year-mortgage and refinance halfway through to a 15-year- fixed mortgage. This allows for a faster mortgage payment and saves money in interest. A 15-year fixed rate mortgage is significantly less than a 30-year mortgage loan.

  • Borrow Money - A cash-out refinance allows you to borrow money against your home and use for other purposes. You will receive a check added to the end cost of what you owe. It’s an excellent way to borrow because mortgage rates are lower than other types of debt and they are tax deductible

  • Debt Consolidation - You can use your cash-out refinance to pay for other bills that have higher interest rates and reduce all of your monthly payments. Reduce monthly payments on your mortgage against debt principle by extended your mortgage payment.

  • Combine Two Mortgages In One - A second mortgage or HELOC (home equity line of credit) can be combined into one mortgage payment at a lower rate. A lot like cash-out refinance, but you can pay off the second mortgage. This gives you the benefit of a single monthly payment.

  • Remove a person from a mortgage -Typically after a divorce, you can remove a person who signed onto the mortgage which is no longer responsible. The only way to remove the person is through refinancing in your name.

North Pacific Mortgage will help you refinance your mortgage to meet your personal needs. Ask for a mortgage loan calculator to tell you your best option for your financial loans and home loans. Learn current and best interest rates in North King County.

Now it the time to get the lowest home loan, home equity loan, and FHA loan at North Pacific Mortgage.

Please visit our Disclosures page for more details for all loan types.


The Different Types of Lenders

Knowing the difference between lender types will save you time, money, and give you empowerment.

Increasing your financial structure can be easy when you understand and know what institutions are right for you. Whom you are working with is key to your financial success.

You may not want to walk into the first commercial bank you see and ask for a loan. Typical banks make money financing loans; however, these types of bank's primary function is for transactions and not focusing on your dream. It would be like walking into a grocery store and asking them only to be specific to selling apples. It's one of their services, but it is not their specialty.

When buying a house, you want a Mortgage Bank to support you for years and always look out for inventive ways to service your loan. You want them to only work on your investment.

 Wouldn't you rather work with people that are genuinely interested and care about your specific need? You are creating a stable relationship with a business that needs to be as grounded as the house you are buying. You want a focused Mortgage Bank that only concentrates on one thing. North Pacific Mortgage only does one thing, and that is financing your loan.

There are three types of very different and particular mortgage lenders, and most people do not know the difference.

  1. Mortgage Bank – Simply and only does mortgages. Typically, they have options for all of the different programs. In house underwriting, funding, etc. North Pacific Mortgage is a Mortgage Bank.

  2. Mortgage Brokers – These are federally licensed individuals or firms that sell loans on behalf of different lenders. They will search amongst different lenders to find what may fit their client and then send the loan there. Underwriting is all done through the individual lenders.

    North Pacific Mortgage has this option but it is not their primary route.

  3. Banks – this is your typical bank that does depository transactions but have a mortgage sector. This is your BofA, BECU, etc…

Why you want to understand the difference between regular Banks and a Mortgage Bank

People typically want to go the easiest route. If you have been banking with the same institution then why not just take out a loan there? It’s not wrong but it may not be in your best interest.

The Consumer Financial Protection Bureau recently reported that almost half of all people searching to borrow money for a home only thought about one lender and never researched anyone else. Lenders know this information.

Percentage rates vary with different lenders. People end up paying more than they need, costing thousands of dollars.

This will not happen to you because you understand the difference between lenders. Go to North Pacific Mortgage and learn more about how to stay empowered with your choices and find the right Mortgage Bank for you.

Please visit our Disclosures page for more details for all loan types.

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