Morgage Refinancing

If you already have a morgage loan for your house, yet feel your morgage rate is high in contrast to current market trends, then refinancing your morgage might be a wonderful way to help save money while still paying off your principal.

Refinancing a morgage works by taking a second morgage loan out in order to pay off your current and primary morgage loan. By doing this you decrease the interest rate your morgage loan was originally based on, resulting in lower monthly morgage payments. You can also change the length of your morgage loan from a 30 year amortized mortgage loan to 15 or 20 year loan. This change will save you thousands of dollars in interest while still paying down the principal.

In the past morgage refinancing was typically done with fixed-rate morgages, but now many morgage banks, including First Atlantic Morgage Services, are providing morgage refinancing with adjustable rate mortgages (ARMs)—specifically with Option ARMs. Contact First Atlantic Morgage Services, your knowledgeable local lender, and get all the answers to your morgage refinancing questions.