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Guidelines
for making a mortgage decision for purchasing
property in CITY |
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Benefits
Of Refinancing |
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1. |
Refinance
to pay off your 1st mortgage and reduce your
mortgage rate and monthly payment. |
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2. |
Refinance to pay off your 1st
mortgage and take out some extra cash. |
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3. |
To pay off your 1st and 2nd mortgages
(excluding home equity lines) and reduce your
mortgage rate and monthly payment. |
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4. |
To pay off your 1st and 2nd mortgages
(including home equity lines) and take out some
additional cash. |
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5. |
To
pay off your 1st mortgage and your home home
equity line, closing your home equity line to
any further advances. |
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6. |
To pay off your 1st mortgage
and your home equity line, paying the home equity
line balance to zero but leaving the equity line
open to further advances. |
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7. |
To pay off your mortgage(s)
and reduce your mortgage term (i.e. refinancing
a 30 year to a 15 year). |
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8. |
You currently have no mortgage
liens on your property and wish to obtain cash
by applying for a 1st mortgage. |
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9. |
You
currently have a construction mortgage loan
and wish to pay it off and obtain permanent
financing. |
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