We know that there are many mortgage myths floating around out there in cyberspace and beyond. At First Capital Mortgage, LLC. our goal is customer education and satisfaction. We taken the time to dispell some commonly held mortgage myths below.
Myth # 1
Myth Buster
I've heard that you should only refinance when interest rates are low.
Oftentimes, if you have high interest auto loans, credit cards or other types of high interest debt, refinancing your loan can pay off that high interest debt at a much lower interest rate.
Myth # 2
Myth Buster
When I refinance, won't it extend the life of the loan?
Not necessarily. When you refinance you have the option of choosing an entirely different term. In fact, say you had a 30 year term that you just took out 2 years ago, you can refinance that loan into a 20 year loan and oftentimes, the monthly payment will not be substantially higher or lower than the original payment. This obviously shaves 8 years off of the original loan.
Myth # 3
Myth Buster
Doesn't it take months to refinance a mortgage?
No, in fact, First Capital Mortgage, LLC can refinance your loan in under a month, sometimes sooner. We have high tech automated mortgage underwriting software which can give us a loan approval in minutes, not days.
Myth # 4
Myth Buster
Won't I have to fill out a ton of paperwork to get this loan?
First Capital Mortgage, LLC utilizes software that helps us streamline the mortgage applicaiton process. Depending on credit worthiness, you MAY not need to provide much documentation at all.
Start Saving Today! Call 866-845-3917
First Capital Mortgage, LLC is here to help. Let our dedicated team of mortgage loan professionals hand craft a mortgage that’s right for you! We have many mortgage solutions that can be tailored to fit your particular situation. Call us today at 866-845-3917
