Three Reasons to Refinance

To move from an adjustable-rate mortgage to a fixed-rate loan
Sometimes you have to settle for an adjustable-rate to get a lower interest rate when you really need it. Now that you have been making your monthly payments on a regular basis and interest rates are low, this might be the perfect time to lock yourself into a low fixed-rate mortgage. 

To shorten the term of your loan
If you bought your home under a 30-year mortgage to save money on your monthly payments, you might find that the lower interest rates we are experiencing right now might make a 15-year mortgage out to be only a bit more expensive, or even less expensive, than what you are currently paying. 

To take advantage of less expensive mortgage insurance
In early 2015, the Federal Housing Administration announced that it would reduce the mortgage insurance premium rate charged for FHA-backed loans from 1.35 percent to 0.85 percent. Some estimates say that can mean a savings of as much as $900 a year for anyone refinancing a house. The FHA made this decision to spur home buying, but it works out in your favor too, if you refinance. Even better, if you have enough equity in your home, you might be able to refinance from an FHA loan to a conventional mortgage and remove those mortgage insurance payments altogether! 

Stay connected. Stay educated. Stay saving with A and N Mortgage. 

5 Goals to Help Your 2015 Budget

A New Year brings new goals. Financially you may wish to build up savings, pay off debt, manage monthly spending or save for retirement. Here are five goals to help you stick to your 2015 financial resolutions.

Make Extra Mortgage Payments

Making extra payments can dramatically shorten the time until your mortgage will be paid in full.

Pay Off Your Second Mortgage

It's not always easy to pay off a second mortgage, but the freedom from that added debt and interest expense can be well worth the effort.

Investigate Your Property Taxes

If your house has declined in value in recent years, you might be able to save some money in 2015 by contesting your property tax assessment.

Refinance

Refinancing your mortgage to decrease your payment or lock in a low fixed rate also might be a smart move in the new year.

Look For Homeowner's Insurance Discounts 

Major repairs or improvements that you made to your home last year can get you a discount or a lower quote on this year's coverage.

Whatever your goals may be make sure to reach out to your A and N mortgage  consultant. A and N is always here to help.

Stay connected. Stay educated. Stay saving with A and N Mortgage.