Mortgage Refinance in Delaware
Are you considering shortening your mortgage, lowering your monthly payments, paying off debt, or making home improvements? If you answered yes to any of these questions, then it may be time to refinance your home. Refinancing allows for you to change your type of loan, allowing for different options. Shortened mortgage, lower monthly payments, and extra cash are all reasons to refinance in Delaware. You have many types of options when choosing a type of home refinance:
Both Fixed Rate Mortgage Loans and Adjustable Rate Mortgage loans allow you to change your interest rate to a rate favorable to you and your current lifestyle:
- Fixed Rate Mortgage Loan - This is a type of loan where the interest rate is remains fixed over life of the loan. This is beneficial for those staying in a home for a long period of time.
- Adjustable Rate Mortgage Loan - This is a type of loan where the interest rate fluctuates with the market. This type of loan is good for those choosing to stay in home for a short period of time.
- Interest Only Loan - This is a type of loan that allows for larger loans that might not normally fit in a person's budget. Monthly payments will rise after interest period is over.
- LIBOR Loan - This is a type of loan that more aggressive interest rates as opposed to an Adjustable Rate Mortgage
Delaware also has laws regarding: Foreclosure, Brokerage Licensing, and Satisfaction of Mortgage.
Delaware Loan Options:
It is important to familiarize yourself with your loan options
, and Delaware laws when researching your loan type and broker. Preparing ahead of time will allow you to be ready for all options and find the broker who is right for you!