CARMEL, IN / ACCESSWIRE / July 29, 2021 / Home refinancing rates are at historic lows, giving many people an incentive to know exactly what mortgage refinancing means to them. Rick Ripma, Hard working mortgage guy, is a mortgage expert based in Indianapolis, Indiana, and has been helping clients with their mortgage needs for over 20 years. He explains why refinancing can be an attractive option for many homeowners, especially now that the economy is hoping for a recovery.
“A refinanced mortgage is when a homeowner who currently has a home loan asks for it to be reissued. In many cases, homeowners can withdraw some of their home equity in cash, Ripma explains. for a variety of reasons why homeowners may want to withdraw some or all of their available equity. These include paying off debt, paying for college tuition for children, financing a wedding, lowering monthly payments, accessing funds for home renovations or renovations, using that capital for investment, etc. Any home, even one that is free of debt. can be refinanced, and if necessary, it can be done more than once. “
Refinancing a home can often save homeowners money, and similar to the process they go through to get money to buy a new home, they get a new loan for the property they already live in. including appraisal fees, registration fees, title insurance, settlement fees, homeowners insurance and credit checks including credit history will be done for homeowners, and their income and employment history will be analyzed and their cash reserves, savings, etc. assets. There are three main types of mortgage refinancing:
Refinancing rate and term – This is a way for homeowners to change both the current loan rate and, if desired, the repayment period. For example, a homeowner can upgrade from a 30-year fixed term to a 20 or 15-year fixed-rate term, which could save him tens of thousands of dollars over the life of their mortgage. Some people want to reduce their monthly mortgage loan in order to return to the fixed 30-year period. These monthly billing savings are great for those looking to keep their monthly expenses down.
Refinancing when cashing out – This is a refinancing situation, when a person wants to receive money from the equity capital that he has created. Equity is the amount of a house that a person already owns and can be accessed by taking out a loan against the value of the house.
Cash refinancing – This type of mortgage refinancing is when the homeowner puts more cash on the house at closing, thereby reducing the amount owed to the bank as well as the loan balance, which can lead to a lower interest rate and lower monthly payment. It is also an option for people looking to reduce or eliminate their mortgage insurance premiums.
Ripma works directly with clients who want to refinance, finding out the specifics of their situation and the reasons that lead them to want to refinance. It asks a series of questions to determine what their needs and wants are, what their current mortgage is, what their capital is, their current interest rate, and more, and creates an extensive “mortgage savings statement” that can appear. to four different mortgage savings options over multiple periods of time, all laid out in comparison to their current situation. The report includes a video explaining the report and revealing to clients what benefits they will receive if they refinance over different periods of time.
“People go to refinancing for various reasons, for some it’s just a way to pay off the house faster, buy back some of the shares or pay off debts, for others it can just save them from losing their home. So, it’s all about figuring out what to whom -what needs to be achieved, everyone is different. My priority is that I believe in a complete understanding of what someone needs and wants. I do not tell people what to do, but I try to give them the right information so that they can make the best decision for them. “
Ripma has lived in the Indianapolis area for over 60 years, was born and raised there and knows the ins and outs of the home mortgage market like second nature. He worked in the homebuilding industry for over 30 years, of which ten years as Vice President of Sales for a homebuilding company before taking up mortgages. Over the course of his career, he has completed over 8,000 loans and issued over $ 1 billion in real estate loans. His motivation comes from the fact that he can help people and have a real impact on their lives. Ripma also hosts a weekly radio show in which he covers topics related to the home mortgage process.
“I love what I do and I never plan to retire. When you can help someone who appreciates what you have done and you have made a difference in their financial life, this is a really good opportunity to do so. I help people get into the house. their dreams, I can help them keep their dream home; I help them get there. “
Ripma works with Advisors Mortgage Group, which has clients in 31 states and specializes in providing people with the right mortgage loan; they are leading experts in special cases such as home improvement mortgages, reverse mortgages and rural mortgages. Contact Rick Ripma, the hardworking mortgage guy (NMLS # 664589), and his team at Advisors Mortgage Group (NMLS # 33041) on their website www.hardworkingmortgageguy.com to learn more about mortgages, including buying a new home and refinancing. Visit http://nmlsconsumeraccess.org for their licensing information.
Company name: Advisors Mortgage Group, LLC
Contact Person: Rick Ripma
Address: 811 W Main Street, Suite 210, Carmel, Indiana 46032.
SOURCE: Advisors Mortgage Group, LLC
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