Sometimes refinancing your mortgage can really save you money by lowering your interest rate and your monthly payment. In other cases, refinancing can simply add additional debt to your home and put your equity at risk. NHSNYC can help you determine if refinancing is right for you and help you select a mortgage product that can help you meet your financial goals. Your NHSNYC counselor will provide you with the following in just one session:
- Mortgage Checkup
- Mortgage Quote Comparison
To get started, contact an NHSNYC office below and request refinance assistance.NHSNYC HomeOwnership Center (Manhattan)
307 West 36th Street, 12th Floor New York, NY 10018NHSNYC at TWU Counseling Center
2475 Westchester Avenue, Bronx NY 10461
Your counselor will conduct a quick review of the terms of your current mortgage and determine whether or not it fits your current financial needs and your future financial goals. your counselor will also compare the interest rate to today’s rates to see if a refinance could result in a rate reduction. Your counselor will also check for any adjustable terms or balloon payments that you may not be aware of. At the end of the mortgage checkup, your counselor will either recommend that you explore a refinance or keep your current loan.
Your counselor will assess your current financial situation including employment, income, debt and credit to determine if you qualify for a refinance at your desired loan amount. If your debt and/or credit status is determined to be a barrier to your ability to refinance, NHSNYC will provide you with alternative options to address your financial needs.
Once your counselor has pre-qualified you for a refinance, he or she will help you shop for a loan by soliciting quotes on your behalf from at least three member banks. Your counselor will further advise you with the quote comparisons to empower you to make the best decision.