Are 15- or 30-Year Mortgages the Only Options?

Reliance First Capital can help find the loan option to meet your unique lifestyle and financial goals. No longer do homeowners have to choose between a 15- and 30-year mortgage.  At Reliance First Capital, our CUSTerm™ mortgage program allows customers to select any loan term between 10-30 years to best match their needs*. For instance, if you have 26 years left on your current mortgage and you’d like to refinance without going into another 30 year mortgage, we can custom fit a loan program with a 26 year term! Or you could even check on getting a 25-, 23-, or even a 20-year term loan which might save you even more money over the life of your loan.

 

Ask your Reliance First Capital Mortgage Analyst about the CUSTerm™ program and how it can save you money!

Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com.

*Not available on every loan program

Should I Lock my Mortgage Rate?

In today's volatile interest rate environment, many customers face the question "should I lock my mortgage rate and, if so, when?"  Reliance First Capital knows answer depends on the individual and the circumstances they are facing, as well as how much risk you are willing to take regarding rate changes. Either way, given the decision's financial impact, it clearly highlights the importance of working with a mortgage professional you trust and who will continually keep you updated on your loan application's status.

is important to note that unless you have it in writing from your lender, you can assume your rate is not locked.

In simplest terms, a rate lock is a "promise" from your lender to give you a certain mortgage rate if your loan application is approved closed before the lock expires. The rate lock does not obligate the customer to accept and close the loan but rather requires the lender to stick to the specific rate. If a consumer is offered a rate they like, typically they choose to lock it in for a specified period of time (most loans are locked for 30 days, but some lenders offer longer term rate locks). 

Keep in mind it can cost you to lock in a rate.  And the longer the rate lock, the more you may be required to pay to lock in the rate. Each lender's policy and fees pertaining to locking rates may vary and fees to lock in for a longer period of time may cost more. If your rate is not locked, it is "floating" which means the interest rate and payment for your mortgage may change, usually in accordance with the market, until you lock-in a rate with your lender.

Reliance First Capital can find the loan option to meet your unique lifestyle and financial goals. Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com.

Homeowner Tips For The New Year

Reliance First Capital is committed to bringing you not only the most of loan options, but money saving tips that could help your overall standing as a homeowner for the future.

By setting a few financial goals brought to you by Reliance First Capital, you can make a big difference in your year that will add to your overall credit.

1. Pay off your second mortgage — If you have a second mortgage or home equity loan, look into what you need to do to pay it off. It might not be easy, but the freedom you will have from the extra debt will give you financial breathing room.
2. Refinancing — Look into options for refinancing your current mortgage. Transferring from a variable mortgage to a fixed mortgage will create stability and save you money. Lowering your interest rate will also help with your overall financial goals. Keep in mind that applying those monthly savings to your mortgage or other debts will save you even more in the long run.

Take these two simple steps from resolution to reality, and you’ll be a happy homeowner in 2013 and beyond!

Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com


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Do I Have to Refinance Through My Current Lender?

No, you are not required to use the same lending company as you did previously to refinance your home. Regardless of the type of mortgage you currently have, you are able to work with any licensed mortgage banking firm of your choosing.

So, no matter if you currently have a conventional, Freddie Mac, Fannie Mae, VA, or an FHA loan, you can work with whichever lending institution you want.

The key to any successful refinance is to make sure you achieve your financial goals. At Reliance First Capital, we customize loan programs to match your unique financial goals. That way, you know you are getting the right mortgage that fits your needs.

Learn more about Reliance First Capital by contacting us at 866-735-9004 or visiting us online at www.reliancefirstcapital.com