A mortgage check-up reveals the overall financial health of your current mortgage and other household debts. Your mortgage is probably your largest debt and your home equity is possibly your largest investment. Therefore, it makes sense to evaluate your mortgage annually. Call us for a no obligation mortgage check-up and see if you can save.

United Home Loans defines your Household APR as the average interest rate across all of your household debts. This simple calculation matters because it provides a quick answer to whether or not refinancing some or all of your outstanding loans will save you money. Call us for a Household APR calculation.

There are multiple loan programs that allow qualified homeowners to take cash out of their primary residence. Typically, lenders will require that the borrower have an above average credit score, full-time employment, and an acceptable equity position in their home. Call us and see how much equity you have and to lock in a low rate today.

You may pay an application fee, origination fee, and closing costs for items such as title services. You may also choose to pay discount points if you want to buy down the interest rate on your mortgage.

People refinance their existing loans for a number of reasons. Here are some indicators that it might be a good time to investigate refinancing your mortgage:

- If the current market interest rate is lower than your loan's interest rate, refinancing to today's rate will lower your monthly payment and save you thousands over the life of the loan.

- If paying off your home sooner is a major financial goal, refinancing to a shorter loan term will help you achieve it. Depending on how much lower your principal balance is than when you took out your existing loan and the current market rate compared to your existing rate, your new monthly payment may be comparable.

- If your existing loan is an Adjustable Rate Mortgage (ARM) and you're past or nearing the end of the initial fixed-rate period, refinancing to a fixed-rate mortgage will secure peace of mind knowing your monthly payment is locked in for the life of the loan.

- If you have high-interest debt or large expenses ahead and a significant amount of equity in your home (home value minus the principal balance), using a cash-out refinance to extract the equity and pay off debts or cover expenses can be a more affordable way to manage your financial load.

Every situation is unique. Call us to see if refinancing makes sense for you.

As both a mortgage banker and lender, United Home Loans has the ability to shop dozens of banks and lending institutions to ensure that you receive the best possible interest rate and loan program. We search for the lowest rates, so you don't have to. Plus, with in-house processing and underwriting, decisions regarding your loan are handled locally from start to finish. Call us with any mortgage question.

For most borrowers, each monthly mortgage payment includes:

- Principal & Interest: A fixed payment amount spread out across the life of the loan
- Taxes: Fees levied on the property by local government
- Insurance: Protection for the owner and the lender from losses caused by natural hazards

For borrowers with a loan amount that is higher than 80% of the home's value, their payment may also include Private Mortgage Insurance (PMI). Call us for an estimate of what your new mortgage payment could be with a refinance.

Locking your interest rate means your mortgage rate is guaranteed even if market rates change before closing. When refinancing your mortgage, your lender will typically recommend a rate lock period of 30 to 45 days.

How do you know whether or not to lock your interest rate? It depends on if you expect rates to fall before you start your refinance. No one knows for sure which direction rates will go at a given time, so it helps to talk to your financial advisor and keep in close contact with a mortgage banker. Call us for a current mortgage interest rate assessment.

Discount points are interest prepaid to your lender at closing in exchange for a lower interest rate on your mortgage. Each discount point is equal to 1% of the loan amount, and is often called "buying down" your rate when you pay a point.

Does paying points make sense for you? The answer depends primarily on how long you plan to stay in your home. Your mortgage banker will calculate how much lower your monthly payments will be if you pay points and how long it will take for the monthly savings to add up to the cost of the points. If it would take five years to break even and you're planning to live in your home for ten, paying discount points may be a smart move. Call us for help with a custom calculation.

Private Mortgage Insurance (PMI) provides your lender with a way to recoup its investment if you are unable to repay your loan. PMI is usually required when the mortgage amount is higher than 80% of the home's value. If you are refinancing and currently pay PMI, ask your mortgage banker whether it can be removed from your new mortgage. There are numerous programs available with low cost, cancellable PMI options. Call us for a custom quote.

Your credit history is only one factor in qualifying for a mortgage, so late payments or other credit report blemishes don't necessarily disqualify you. There are a variety of mortgage options to help people with less-than-perfect credit obtain the right mortgage and leave credit challenges behind. Call us for help getting on the path to home ownership.

Lenders consider many factors when evaluating your loan application, but they usually focus on four areas:

1. Income and debt: How much money you make and what other bills you have to pay helps the lender determine if you can afford to make mortgage payments.
2. Assets: This assures the lender that you have enough money to cover a certain number of months worth of mortgage payments in case a sudden financial hardship arises.
3. Credit: Whether or not you've met past financial obligations helps the lender predict whether you will repay your new mortgage.
4. Property: Your home has to be worth enough to act as collateral for the mortgage.

Loan decisions are often unique, so if you’re unsure if you’ll qualify, call us today for advice.