Purchase & Refinance
Purchase Loans from Rainbow Mortgage Inc.
As a mortgage broker, we work with many wholesale lenders and have access to a wider variety of home loan options than that of a bank or credit union. These benefits get passed on to YOU so we can focus on finding the best loan product for your unique situation rather than trying to fit you into a specific loan from a single company. No matter your situation, getting the right mortgage loan options is our top priority.
You’ll have access to various down-payment options, different income verification options, flexible loan terms, and fixed and adjustable rate mortgages. You’ll work with our local mortgage lenders and advisers to find the best loan option available for your current situation and future goals. Since there are seemingly endless scenarios, it’s in your best interest to work with an experienced mortgage broker who can analyze your unique position and present loan options that are in line with your needs and wants. After all, buying a home is likely to be the largest financial decision of your life!
Refinance Loans from Rainbow Mortgage Inc.
“Should I refinance?” This is one of the most common questions we help our clients answer. Refinances empower you to change the terms of your original mortgage, which you may want to do for a variety of reasons. For example, if interest rates are lower today than they were when you obtained your original loan, you might refinance to take advantage of the lower rate. In fact, this is one of the most common reasons to refinance a purchase mortgage today. But there are other reasons as well, so it’s important to know how to refinance the right way.
Here are just a few examples of when it is worth considering a refinance:
- Convert an adjustable rate mortgage (ARM) to a fixed rate:
Some experts believe interest rates will rise in the months and years ahead. If you have an ARM today, converting it to a fixed rate mortgage now could save you a lot of interest costs in the years ahead.
- Free up your home equity:
If you have a lot of equity built up, you could refinance your mortgage to “take cash out” for major expenses, such as college tuition or home improvements.
- Consolidate higher interest debt:
If you have significant credit card, car loan or other high-interest rate loans, you might refinance your mortgage to access home equity and pay off those debts.
- Get cash to buy another property:
You could use the home equity freed up by refinancing to put down on another house, such as a vacation home or investment property.
- Combine two mortgages:
If you have a low interest, variable rate home equity line of credit (HELOC), you may be concerned that your rate will increase in the months and years ahead, as it adjusts upward to keep pace with market conditions. You could consolidate your HELOC with a refinance mortgage and have one low, fixed rate for all your mortgage debt, no matter how high interest rates in general might rise in the coming years.
If you are looking to purchase or refinance, we can help you determine the best possible option for your unique situation! Call our mortgage brokers today for a no cost initial consultation.
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Apply now with our easy online form and find out how much you qualify for!