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David A. Krebs is a licensed mortgage broker with over 15 years of experience offering loan options beyond traditional banks

rate and term refinance

On behalf of our client, who we previously helped obtain a purchase loan for her condominium unit in Miami, Florida, we refinanced her into a 30-year, fixed-rate mortgage at a lower interest rate of 2.875%, and a loan-to-value (LTV) of nearly 90%, under Freddie Mac’s Home Possible program.

As a result of the rate-and-term refinance, she has enjoyed several benefits, including:

  • Significant savings on her monthly payments, as her previous interest rate was 4.375%.
  • Paying off not only her existing mortgage, but also her second mortgage (a home equity line of credit (HELOC)), so that she now only has one mortgage on her home.
  • No cash to close — We were able to structure the loan so that she did not have to bring any funds to the closing table.

To see if a rate-and-term refinance is right for you, please contact us today.

 

 

Skills

Posted on

January 13, 2021

Miami mortgage broker

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