ChaseMortgageCenter.com offers both 30-Year Fixed-Rate Loans and 15-Year Fixed-Rate Loans.
Choose a 30-Year Fixed-Rate if:
At the heart of approving a potential borrower is what lenders call "the three C's of underwriting:"
Traditionally, all three were of equal importance. ChaseMortgageCenter.com, however, places the most emphasis on your credit history.
Rates vary primarily based on the type and purpose of the loan, your credit history and income, loan amount, value of the property, and the number of points you are willing to pay.
Generally speaking, points are fees added onto loans. One point is equal to 1 percent of your loan amount. Points are paid when the loan closes, not at the time you apply for the loan.
Points are paid when the loan closes, not at the time you apply for the loan. Generally speaking, points are fees added onto loans. One point equals 1 percent of the loan amount.
You should consult a tax attorney or accountant for specific details, but interest on a mortgage is usually tax deductible. Interest on credit cards or automobile loans is not normally tax deductible.
Lenders use specific criteria to determine if you qualify for a loan and the amount you can qualify for. You can use our calculator tools to determine whether you can qualify for a loan, the types of loan products that are best for you, and many other things. ChaseMortgageCenter.com allows you to apply and get pre-approved right here online - it's fast, easy, and free (ChaseMortgageCenter.com charges no application fee).
After you complete your application with a loan agent, ChaseMortgageCenter.com will provide you with a package in one of two ways: via e-mail with a link to your Loan Status page or via express mail. This package will contain your loan application and disclosure documents.
To refinance your loan in order to obtain a lower interest rate and start saving on your monthly payments, ChaseMortgageCenter.com can offer you the following loan products with the security of fixed-rate payments:
15-Year Fixed-Rate Refinance
Choose this if:
ROLLDOWN OPTION
Our rolldown option allows you to refinance with few upfront fees! While the rate is slightly higher, you will pay few upfront fees to get your new loan. In effect, as long as our rolldown rate is lower than your existing rate, it makes financial sense to refinance because there is little or no cost in doing so.
CASH OUT OPTION
If your equity in your property qualifies, you can refinance with a loan amount greater than your current mortgage - and keep the difference! Use it for home improvement, debt consolidation, or whatever you want.
30-Year Fixed-Rate Refinance
Choose this when:
Income, debt, and mortgage payments are the primary factors that affect whether you qualify for a loan. If you do qualify for a loan, you can apply and ChaseMortgageCenter.com will move to the next step of checking to see if you can be approved.
To determine your qualification, the first thing ChaseMortgageCenter.com will do is divide the monthly payment of your proposed loan by your gross monthly income. This provides your housing-to-income ratio.
If the resulting percentage falls within a certain range, the next step is to divide your total monthly debt by your gross monthly income. This provides your debt-to-income ratio. Again, if the ratio falls within prescribed limits, you are qualified for the loan.
The limits within which your housing and debt ratios must fall are determined primarily by the size of the loan, the value of the property, and the ratio between the two (known as the loan-to-value ratio, or LTV). This loan-to-value ratio is one of the most important factors in determining a home loan.
The choice basically comes down to "pay now" or "pay later." If you have the funds now, it makes sense to cover the expenses out-of-pocket and save through lower loan payments and interest costs on a smaller loan. On the other hand, if your budget is currently tight, rolling in the costs with your loan amount makes sense because it allows you to get the loan without immediate expense.
Your loan-to-value ratio (LTV) shows your equity in the property. Your equity is basically the amount of the property you own, expressed as a monetary figure. Another way of thinking of your equity is that it's the amount of money you'd receive if you sold your property at its valued price, less what you'd have to return to your lender to repay the loan. Example: $100,000 value minus $50,000 to repay loan = $50,000 equity. Your LTV and equity are crucial because common wisdom among lenders is that the higher the LTV (and the lower the equity), the higher the risk of a borrower defaulting on his or her loan. Thus, low equity loans present lenders with greater risk, forcing them to increase their costs.