Subject: take control of your difficulties

mortgage consumer information newsletter

our new mortgage structure makes your dreams come true .

- get the best mortgage rates

- choose the right loan program

- understand second mortgages

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several factors affect your mortgage rate :

the amount of your loan can increase your interest rate if the amount financed exceeds the conforming loan

limits established . the conforming loan limit changes at the beginning of each year .

shorter loans , such as 20 year or 15 year note , can save you thousand of dollars in interest payments over

the life of the loan , but your monthly payments will be higher . an adjustable rate mortgage may get you started

with a lower interest rate than a fixed rate mortgage , but your payments could get higher when the interest rate changes .

a larger down payment – greater than 20 % - will give you the best possible rate . down payments of 5 % or less should expect to pay a higher rate as you are starting with less equity as collateral . if you ' ve got the cash now and want to lower your payments , you can pay on your loan to lower your mortgage rate . it ' s a simple concept , really : in exchange for more money upfront , lenders are willing to lower the interest rate they charge , cutting the borrower ' s payments . closing costs are fees paid by the lender , if you don ’ t want to pay all of the closing costs , expect a higher rate which will pay the lender additional interest over the life of the loan .

credit quality and debt - to - income - ratio affect the terms of your loan through fico score . if you have good credit and your monthly income far surpasses your monthly debt obligations , you will get approved at a lower interest rate . however , if your monthly income barely covers your minimum debt obligations , even if you have a credit report , you will not receive the lowest available interest rate .

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get your hands on some cash :

another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage - - in effect , tapping your home equity , or " cashing out , " in mortgage speak . thanks to favorable rates , you may be able to do so without boosting your monthly outlay . for example , at 8 . 5 % , the payment on a $ 200 , 000 , 30 - year fixed rate mortgage is $ 1 , 538 . but at 7 . 5 % , that same payment lets you borrow nearly $ 20 , 000 more .

the best use for the extra cash is to pay off any higher rate loans you may have . let ' s say that you are carrying a $ 15 , 000 car loan at 10 % and making minimum payments on a $ 10 , 000 credit card balance at 17 % . your monthly payments on those debts would total $ 680 . then assume you refinanced your mortgage , taking out an additional $ 25 , 000 to pay off your car and credit card loans . result : at 7 . 5 % , your additional monthly mortgage payment would total only $ 175 , so you would come out $ 505 ahead ( $ 680 - $ 175 = $ 505 ) .

of course , all the extra cash needn ' t go for paying off debts . when the menards swapped their arm for a fixed rate last december , they also increased their mortgage load by $ 34 , 000 , from $ 106 , 000 to $ 140 , 000 . they used $ 3 , 000 of the proceeds to pay their refinancing costs and another $ 17 , 000 to pay off a 10 % home equity loan , which had been costing them $ 250 a month . then they spent the remaining $ 14 , 000 to build a garage for roger ' s antique car collection - - and they did all this for just another $ 19 a month

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