Home Chase Manhattan Countrywide National City Option One Principal
   Home > National City Mortgage
More Information on
National City Mortgage
Benefits of National City Mortgage
What is a Mortgage?
Fixed Rate Mortgages
Adjustable Rate Mortgages
Affordable Housing Programs
Additional Mortgage Options
New Home Construction Programs
The Benefits of Home Equity
Why Refinance With National City
Payment Options
Assistance to Keep Your Home
Assistance Option When Giving Up Your Home
National City Mortgage Insurance Options
Mortgage Life Insurance
Mortgage Pre-Approval
What You Need to Buy a Home
Application Process
Frequently Asked Questions

Refinanceing with national city mortgage

With current interest rates as low as they are, now is as good a time as ever to refinance your home. When rates drop to record or even significantly lower levels, it is an opportune time to refinance your home for a lower rate. But refinancing is not just for times when rates are extremely low. It is still a viable option for a number of reasons.

1. Low payments each month
If the rate is lower than your current rate, then your payments will be lower. It’s just simple math. So keep an eye out for falling rates or if you financed your home in a high rate period, any dip in the market can be beneficial for you. When you refinance you can refinance for the length of time you have left on your existing loan thus making your payments lower but not extending the time you need to pay.

2. You need money for other things
Paying for college or making a large purchase like a car can be a reason to refinance your home. If the rates are lower, and you refinance you can get the difference of your payments in a sum to pay off debt or make a purchase.

3. Shortening the length of your loan
If the difference in the rates is significant enough, it can help you to shorten the length of your loan while also decreasing your monthly payments. This could help you own your home at a faster rate and lessen the amount of interest you accrue.

4. Change from an ARM to a Fixed Rate Mortgage
If you initially had an Adjustable Rate Mortgage and the rates drop lower than your rates, you may want to lock in the low rate by switching to a Fixed Rate Mortgage. This brings stability to your payments at a lower rate.



Site Map | About Us | Contact Us | Privacy Policy