CARMEL, IN / ACCESSWIRE / July 29, 2021 / Home refinancing rates are at all-time lows, which gives many people an incentive to find out exactly what mortgage refinancing means to them. Rick Ripma, The hard working mortgage guy, is an Indianapolis, Indiana based mortgage professional who has been helping clients with their mortgage needs for over 20 years. He explains why refinancing could be an attractive option for many homeowners, especially now that the economy is recovering.
“A refinancing mortgage is when a homeowner who currently has a loan on a home applies for repayment of the loan. In many cases, homeowners can withdraw some of the equity they have built up in cash, ”explains Ripma. There are several reasons why homeowners may want to withdraw some or all of the equity they have available. This includes paying off debts, paying for kids’ college education, financing a wedding, lowering their monthly payments, accessing funds to repair or remodel the home, use that equity to invest, etc. Any home Even if it has no debt, it can be refinanced, and this can be done more than once if necessary. “
Refinancing a home can often save homeowners money and is similar to the process one goes through to secure money for buying a new home. In this case, they will get a new loan for the property they already live in. There are closing costs, including the valuation fee, creation fee, title insurance, settlement fee, homeowner insurance and a credit check including homeowners credit history and an analysis of their income and employment histories, and must show their cash reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , Savings and wealth. There are three main types of mortgage refinancing:
Interest and term refinancing – This is a way for homeowners to change both the current loan rate and, if desired, the repayment period. For example, a homeowner can switch from a 30 year fixed term to a 20 or 15 year fixed term, which can save tens of thousands of dollars over the life of their mortgage. Some people want to cut their monthly mortgage back to a 30 year term. This monthly payment saving is ideal for anyone looking to cut their monthly expenses.
Cash-out refinancing – This is a refinancing situation where a person wants to take money out of the built up equity. Equity is the amount of a home that a person already owns and that is achieved by taking out a loan against the value of the home.
Cash-in refinancing – With this type of mortgage refinancing, a homeowner puts more money on the home when it closes, lowering the amount owed to the bank as well as lowering the loan balance, which can result in a lower interest rate and monthly payment. This is also an option for people looking to cut or remove their mortgage insurance premiums.
Ripma works directly with customers who want to refinance and learns about the specifics of their situation and the reasons that move them to refinance. He asks a series of questions to determine what your needs and wants, what your current mortgage is, what your equity is, your current interest rate, and more, and creates a detailed “Mortgage Savings Report” that can be viewed in a few windows of time four different mortgage saving options, all arranged in relation to your current situation. The report includes a video that explains the report and shows customers the benefits of seeking refinancing over different time frames.
“People go into refinancing for a variety of reasons, for some it’s just a way of paying off their house early, raising some equity or paying off debts, for others it can simply save them from losing their home. So that’s what it is about , figuring out what someone needs to achieve, everyone is different. My priority is that I believe in fully understanding what someone needs and wants. I don’t tell people what to do, but I try to give them the right information so that you can make the best decision for you. “
Born and raised in the Indianapolis area for over 60 years, Ripma knows the ins and outs of the mortgage market like second nature. He has been in the home economics industry for over 30 years, including ten years as vice president of sales for a home builder before moving into mortgages. He has completed over 8,000 loans and completed over a billion dollars in home loans in his career. His motivation is to help people and make a real impact on their lives. Ripma also hosts a weekly radio show covering topics related to the mortgage process.
“I love what I do and I never plan to retire. If you can help someone who appreciates what you’ve done and you’ve changed their financial life, that’s a really good thing . I help people get into the house “of their dreams I can help them keep the house of their dreams; I’ll help them get there. “
Ripma works with Advisors Mortgage Group, which has clients in 31 states and specializes in getting people to get the right mortgages; They are leading experts in specialty cases such as home renovation mortgages, reverse mortgages, and rural mortgages. Contact Rick Ripma, The Hard Working Mortgage Guy (NMLS # 664589) and his Advisors Mortgage Group (NMLS # 33041) team on their website www.hardworkingmortgageguy.com to learn more about mortgages, including home construction and refinancing. visit http://nmlsconsumeraccess.org for their license information.
Company Name: Advisors Mortgage Group, LLC
Contact person: Rick Ripma
Address: 811 W Main Street, Suite 210, Carmel, Indiana 46032
Telephone number: 317-215-7600
SOURCE: Advisor to Mortgage Group, LLC
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