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NEA Home Financing Program®
Refinancing
Learn the benefits
of refinancing and when to refinance.
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Facts to Consider
With rates so low,
now is a great time to refinance. Refinancing is a popular
option for home owners who want to lower their monthly payments,
reduce their mortgage term, or get cash for home improvements,
debt consolidation, or a major expense like a car. When you
refinance, you essentially take out a new mortgage to replace
the one you currently have
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Watch
this video to find out if
refinancing is right for you (3.5 minutes)
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Benefits
of Refinancing
- Your overall monthly payments may
be reduced due to a lower interest rate.
- You may shorten the term of your
loan. This may mean higher monthly payments, but you'll pay off
your mortgage faster and you'll pay less interest.
- You may want to combine two existing
mortgages into one new mortgage, possibly with a lower interest
rate.
- You may opt for a "cash
out" refinance -- a free equity analysis can help you determine how much equity is available in your home.
- If you have
a number of high-interest debts, you may want to consider a debt
consolidation loan.
- You may want to set up a Home Equity
line of credit at the same time you refinance. The popular
Home Asset ManagementSM
Account* could be right for you.
- You'll receive the $200 NEA Member Closing Cost Rebate†
- You can also participate in the
Community SharingSM Program
for NEA Members ††
When to
Refinance
For many people, it's best to refinance
when you can decrease your interest rate by about one percentage
point. However, sometimes it may pay to refinance when you're decreasing
your interest rate by less than that. Remember to consider how long
you plan to remain in your home, and how much it's going to cost
you to refinance (i.e., closing costs). Our refinancing
calculator can help you determine if a refinance is right for
you. Or to get a free break-even analysis right over the phone,
call: 1-800-NEA-4-YOU (1-800-632-4968).
Articles
of Interest
* Home Equity
financing provided by Wells Fargo Banks. Members FDIC. Equal Housing
Lender. ©2005 Wells Fargo Banks. All rights reserved.
†Borrowers are eligible for a closing cost discount after closing on any new purchase or refinance, secured by a first mortgage or deed of trust, closed through the NEA Home Financing Program, provided by Wells Fargo Home Mortgage (New Loan), on or after 12/01/2007, subject to qualification, approval and closing. Discount may not exceed your out-of-pocket costs. This discount is not available on home equity loans and lines of credit, FHA mortgage loans, assumption or modification loans, loans originated through brokers, joint ventures or other third parties, and cannot be combined with any other offer or discount. This discount must be mentioned at the time of application, and all eligibility requirements met no later than two days prior to your New Loan closing date. Only one discount permitted per New Loan. This discount is void where prohibited, subject to program availability.
†† $150 Community Sharing Program must
be initiated at time of loan application. $150 Donations are made
by the Wells Fargo Housing Foundation without any additional charge
to the mortgage transaction. The recipient organization must have
status under 501(c)(3) of the Internal Revenue Code. Promotion valid
for new purchase or refinance mortgage loan applications taken on
or after January 1, 2005 and closed through the NEA Home Financing
Program. Promotion cannot be combined with any other programs or
promotions. Promotion does not apply to assumption or modification
loans, loans originated through brokers, joint ventures or other
third parties, home equity loans or home equity lines of credit.
Wells Fargo Home Mortgage reserves the right to change or end the
promotion at any time without notice. Contact your mortgage consultant
for additional details, terms and conditions.
Equal Housing Lender
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