Ameristar Mortgage Blog

Put simply, refinancing means paying off your old mortgage with a new one. Most lenders require that you have some equity in your home before you refinance but there are stille 100% refinance programs available.

There are many reasons to refinance your Illinois mortgage. First, interest rates may be lower than when you first got your mortgage. If the rate is below 6%, or is 1 percentage points below your current rate, it might be time to refinance.

You may also refinance if you want to trade in your adjustable rate mortgage for a fixed rate mortgage.

If you’re considering refinancing your Illinois mortgage loan, make sure think about the costs associated with the process (it can incur the same closing costs as your first mortgage), and how long you want to stay in the home (as it might take years to recoup the costs).

Contact Ameristar Mortgage today if you are considering refinancing your Illinois home:

Dennis Hardy
Ameristar Mortgage
Toll Free: (877) 240-5840
Local: (608) 242-0826
http://www.ameristarmadison.com/
dhardy@ameristarmadison.com

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