Mortgage Refinance in Rochester, NY

ROCHESTER, New York, is a city where mortgage refinance loan lenders and brokers are aplenty, but you have to help them to help you. This means that you alone know what's best for you. Once you advise lenders or brokers of your needs, they can provide you with corresponding advice at the professional level. For you to brief correctly, it is necessary that you know the basics of mortgage refinance. This article is designed to assist you advising your lender / broker before they advise you.

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Let's first quickly look at what mortgage refinance is all about. Simply put, it is a new loan you take to close your existing mortgage account, and service the new loan on its terms and conditions. Thus, mortgage refinance does not redeem your mortgaged property; the mortgage only passes from one lender to another. Let's now look at the rationale behind mortgage refinance. One may well ask, why take a mortgage refinance loan if the property remains mortgaged? Well, the answer is simple. Refinancing a mortgage can serve one or more of the following objectives:

Reduce the duration of your mortgage by making the same monthly payments (in a low interest rate scenario) or increasing your monthly payments (because you are now earning better and don't need to keep your house mortgaged for as long as earlier envisaged). Increase the duration of your mortgage by reducing your monthly payments. Having a lump sum of cash to meet with an urgent need. Take advantage of lower interest rates than the rate at which you are servicing your existing mortgage. Changing the type of your loan to meet with previously unforeseen circumstances.

Once you know what you want, you should gain more precise knowledge of the types and terms of refinance available to you. The Internet has made this task very easy. Simply, log on to the websites of a few mortgage lenders/brokers and use their online calculators. These calculators are excellent tools to gain nearly-professional quality advice. You can access these websites by using a search engine like www.google.com and using a search term like 'mortgage refinance rochester online calculator' (never mind the grammar). You should know that the mortgage refinance options that will b available to you will depend on various factors that are unique to you and your property. These include your own credit profile, the balance of your existing mortgage loan, the refinance type you want (fixed rate, adjustable rate, interest-only, or jumbo), the interest rate you are paying and want to pay, the number of years you want to retain your property, the type of property it is, etc.

The online calculator will give you results from which you will know the likely options to which you are entitled. Then pick up the telephone and contact two or more lenders or brokers in Rochester. You can find their telephone numbers and street addresses from the Internet itself. Yet, to make things easier for you, we are providing you with a few contacts below :

1. First Funding Network, Inc., 2164 Hudson Avenue, Rochester, NY 14617. Tel 585-482-0100. Fax 585-482-0167. Website: www.firstfundingnetwork.com.
2. R&M Mortgage, 1711 Crittenden Rd., Rochester, NY 14623. Tel 585.292.6160. Fax: 585.292.9785. Website: http://www.randmmortgage.com.
3. Custom Mortgage Solutions, 1945 Ridge Rd E # 9, Rochester, NY 14622. Tel: (585) 254-5432. Website: http://www.mortgageloan.com
4. First Choice Funding Inc., Ron Bartlett. Tel: 585-865-0615 Ext: 222. Fax: 585-865-5120. Website: www.rfcf.com
5. Charles Schwab

As you negotiate with the lenders / brokers, do keep in mind one very important point: Don't be swayed by the interest rate alone. Ask for the annual percentage rate (APR) which includes upfront payment and other fees too.