Residential and Commercial Mortgage Solutions!

818 Rt. 202-206 North • Bridgewater, N.J. 08807
Telephone (908) 722-9217 • Fax (908) 722-2827
Toll Free 800-327-0123 • Email: info@goldmortgage.com

Refinance Your Mortgage

Schedule Closing At Your Home!  Online Application.  Approval in 2 hours or less!

If interest rates fall below your current mortgage rate, refinancing may produce significant savings.

Most people refinance for one of three reasons:

Lower interest rates mean lower payments. But you should weigh the upfront costs of refinancing against the potential savings in your monthly payment. A common rule of thumb is to try to recover the cost of refinancing within one year. Also, with no-cost refinance options now widely available you might want to consider the impact on your long-term costs. For example, if you only have 18 years left on your current mortgage and you refinance to a new 30 year mortgage you could end up paying more interest over the life of the loan. This could offset the monthly payment savings.

Mortgage calculators, Click Here

Our refinance analysis can help you determine how long it will take to recover the closing costs ("breakeven") as well as provide the long term impact on your interest payments.

2) Reduce the term to pay the loan off faster.

When current market interest rates are lower than your existing mortgage rate, refinancing to a shorter term mortgage can save you thousands of dollars in interest charges over the life of the loan. This could be the case even though your monthly payment stays the same, or increases. Your equity will build up faster and your loan will pay off sooner. Our refinance analysis can help you determine how much interest you can save over the life of your loan by reducing your term.

3) Liquidate equity to take "cash out" of the property.

Borrowing against the equity in your home can be a low cost (and usually tax deductible) way to get needed cash. Mortgage interest rates are often less than other types of consumer loans, and the potential tax deductibility of the interest can reduce the "after tax" cost even further. However, although you might save on your payments each month you may incur more interest charges over the life of the loan due to the longer term. Be sure to compare the short-term advantages with the long-term costs. Our refinance analysis can help you determine what your new monthly payments would be and the long term cost of liquidating your equity.

Refinance Inquiry, Click Here!

Other Common Refinancing Questions:

• What are the various Closing Costs involved?
• How much equity do I need to refinance?
• Can I combine my first and second mortgages (equity line or loan) when I refinance?
• What if my home has been for sale in the last six months?
• What if I have a prepayment penalty?
• What are the various Closing Costs involved?

In a refinance transaction your current mortgage is paid off and a new mortgage is recorded. For this reason many of the same items paid when you purchased the home will apply with the refinance as well.

Closing costs can be divided into three main categories:

Lender Fees - Golden Mortgage Corp. has very competitive lender fees. Lender fees include origination, points, application, credit report, appraisal, etc.

Third Party (Title/Escrow) Fees - These fees vary by state and the actual company you select to close your loan. They can include fees for closing, title exam, title insurance, recording etc.

Pre-paid Items - These are items collected at the time of closing but are not really considered costs. They include items you pay whether you refinance or not like interest, taxes, and hazard insurance.

All together, closing costs typically range 2% - 3% of your loan amount (allow 5% for loan amounts under $100,000 and for properties located in New York or California). Provided there is enough equity in the home, the closing costs may be included in the new loan amount to keep your out-of -pocket costs to a minimum. Please keep in mind the Third Party and Pre-paid items will not vary greatly between lenders. To compare lenders you should compare the interest rate offered and associated lenders fees only.

How much equity do I need to refinance?
Most refinance loan programs require at least 10% equity in your home to refinance.

You may be able to qualify for our expanded program that lends up to 100% of the value of your home.

Can I combine my first and second mortgages (equity line or loan) when I refinance?

If it has been at least 12 months since you secured the second mortgage (or had a withdrawal on an equity line) and you would still have 10% equity in the home, you may be able to combine it with the first mortgage.

If the second mortgage or equity line withdrawal has occurred in the last 12 months you will need to maintain at least 25% equity in your home to refinance.

What if I have a prepayment penalty?

Prepayment penalties on your initial mortgage could make refinancing too costly. Check the details of your current loan agreement and allow for any prepayment penalty when determining the benefits of refinancing.

While lower interest rates may seem attractive now, ask yourself the same questions as when you applied for your first mortgage.

Typically, you need to determine how long you plan on staying in your home in order to calculate how long it will take to recoup the expense of refinancing a mortgage. Estimated costs are:

Item cost

• Title insurance $4.25/ thousand on the first $100,000 of your home value $2.25/ thousand on the remaining balance
• Survey $500 (we can use your old survey if <10 years old)
• County recording fee $75
• Commitment fee $350
• Appraisal $295
• Tax escrow's 3 months
• Insurance escrow 3 months

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• Earnings statements or proof of self-employment (2 years W-2 forms and tax returns)
• One full month pay stubs
• Debt information such as car notes, credit card numbers, and creditor addresses and phone numbers
• Bank statements for most recent two months with account numbers and local branch address
• Last quarterly statement of brokerage/retirement accounts
• Copy of owner's Title Insurance Policy (not loan policy)
• Copy of survey
• Copy of Homeowner's insurance declaration page.
• If married, provide maiden name of wife and date of marriage.

Let us know how we can assist you in your refinance needs.

Refinance Inquiry:  Click Here

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Telephone (908) 722-9217 • Fax (908) 722-2827

  Licensed Correspondent Banker, New Jersey Department of Banking and Insurance
  Registered Mortgage Broker NYS, loans arranged through 3rd party providers