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845-694-7148Is a First Israel refinance right for you? Let us help you find out
Whether looking to lower your monthly payments or switch into a different type of loan product, First Israel offers free refinance consultations.
First Israel will objectively analyze your current mortgage, current financial situation, and long term financial goals to determine if a refinance makes sense for you.
We believe that homeowners have a right to know their options and we look to empower our clients to take advantage of opportunities in the mortgage market.
Refinancing = the same standards for eligibility
First Israel provides refinancing up to 75% of the value of the property.
The process for refinancing a mortgage involves much of the same requirements as applying for a new mortgage.
The bank will want to review the borrower’s financial standing and will apply the same standards for eligibility.
If the refinancing is done at the same bank where the current mortgage exists, the process will be shorter. However, refinancing at a new bank may prove to be worth the additional time and effort involved.
Why Refinance?
Refinancing a mortgage is done when a current mortgage holder makes a decision to pay off the current mortgage and replace it with a new mortgage.
The rationale behind refinancing can vary, and include the following;
– Lowering the overall cost of the mortgage
– Lowering the monthly payments on the mortgage
– Changing the makeup of the product mix
– Changing the terms of the mortgage
– A refinance can be done with any one of these goals in mind or a combination.
The Refinancing Process
The process for refinancing a mortgage involves much of the same requirements as applying for a new mortgage. The bank will want to review the borrower’s financial standing and will apply the same standards for eligibility
If the refinancing is done at the same bank where the current mortgage exists, the process will be shorter. However, refinancing at a new bank may prove to be worth the additional time and effort involved.
