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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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