Refinancing
Refinancing Your Mortgage
By: SunnyHill Financial
Refinancing is a word used frequently in the world of mortgages and Homeownership. What is it? Is this an option for me? When should I? How can I? These are all questions we ask ourselves as we explore mortgage decisions. Deciding to refinance can help you save money on your mortgage or help you shift debt to a more favorable position using the equity you have built up in your home.
What is Mortgage Refinancing
When you choose to refinance your mortgage(s) you are simply paying off your current mortgage loan(s) with a new mortgage. The process follows the same rules and steps you took when you purchased your home initially. You will need to submit an application, have your mortgage application complete an underwriting review and you will need to successfully complete all the conditions required to close on the new mortgage. Choosing to refinance can offer better terms, lowering your monthly payments and allowing you to pay off the loan sooner.
Why You Should Refinance?
The decision to...
moreAmortization Schedule Breakdown
By: SunnyHill Financial
As you start exploring different mortgage options the term “amortization” will be brought up quite a bit. Not to worry. We are here to breakdown amortization and how it impacts your mortgage.
What is Amortization?
Amortization is making a fixed payment over time, with a portion of your payment going towards the loan principal and the other remaining portion towards interest, based upon a predetermined schedule.
Once you start making payments on your mortgage, our amortization schedule will help you determine how much of your monthly mortgage payment is spent towards principle and how much towards interest. We have a tool to help take the guessing out of these payments. Our amortization schedule will show you in detail how each payment on an amortizing loan will be repaid.
The Mortgage Amortization Schedule
The amortization schedule will help you determine how much of your mortgage payment is being allocated. The amortization schedule is a chart showing the fluctuating amounts paid towards your principal and interest...
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