Phone: 216-387-8377
American Midwest Mortgage Corp.
1991 Crocker Road
Cleveland, OH 44145

Tom Reichert
Loan Officer for 25+ Years
Mortgage Refinance Expert
Phone: 216-387-8377


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Home Loan Mortgage Refinancing is defined as taking out a new home mortgage loan in order to pay off another home mortgage loan secured against the same assets or property.

Lorain Ohio Home Mortgages has outlined below, a few reasons when you should consider refinancing your home loan mortgage.

Adjustable Rate Mortgages (ARM) vs. Fixed Rate Mortgages
You have an Adjustable Rate Mortgage (ARM) and you'd prefer refinancing your mortgage into a fixed rate home mortgage loan. Adjustable Rate Mortgages are beneficial when interest rates are low, however as interest rates increase your monthly payments increase. Locking into a fixed rate home mortgage loan provides you with the security of having a consistent monthly mortgage payment, regardless of market conditions.

Home Loan Mortgage Rates are lower
Your current interest rate on your home loan is higher than current rates. Refinancing your mortgage will allow you to save money by taking advantage of lower payments.

Change the Length of your Mortgage
You can refinance your home mortgage loan into a shorter term, such as a 15-year mortgage from a 30-year mortgage which would save you a substantial amount of money over the duration of your loan. Reducing the term of your home loan means a greater proportion of your monthly payment is going towards your principal so the equity in your grows more quickly.

Private Mortgage Insurance (PMI)
Home owners are required to pay for Private Mortgage Insurance if they have less than a 20% down payment. PMI protects lenders from losses if a borrower defaults on their home loan. PMI also allows home buyers to purchase homes sooner as they do not have to accumulate a large down payment. If you have greater than 20 equity in your home and you are currently paying for Private Mortgage Insurance (PMI), refinancing your home loan will free you from having to pay for PMI and lower your mortgage payment.

Home Equity
You would like to take advantage of the equity in your home to use for a home remodel project, college tuition for your children, pay off other debt at a higher interest rate or your business needs an infusion of cash.

Regardless of the reason, if you are not satisifed with your existing home mortgage loan, contact Tom Reichert for a free home loan refinancing quote as refinancing may be the right solution for your home loan needs.

 

Testimonials

 

Tom Reichert was very helpful to me when I purchased my first home as a single person. Very professional and he even assisted me with an issue I had on my credit report. I highly recommend him as someone who will explain all the 'in's & out's' of the home loan process.

Barb C. from Toledo, Ohio

 

Regarding my first mortgage, Tom Reichert provided a comprehensive overview, years of experience, and sound advice. Being a first-time home buyer, I was faced with a multitude of choices and decisions regarding mortgage types, interest rates, and lenders. Tom was able to diligently align in sequence and thoroughly explain all my options, and simplify the process down to final closing. Tom is a professional who paid close attention to detail, listened, and was engaged in achieving my goals while accomplishing each final deadline. He embodies the definition of integrity, and strives to make each business relationship into a lifetime friendship. I look forward to working with Tom Reichert again in the near future!

Kevin S. from Columbus, Ohio




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