Refinance to a Fixed Rate Mortgage
One of the reasons many people refinance their existing mortgage is to stabilize their monthly payment with a fixed rate mortgage. Many homebuyers are drawn to adjustable rate mortgages for their low starting rates, but after the initial fixed period expires their monthly payment fluctuates according to the market. Refinancing their mortgage gives them the ability to lock their payment and gain the security of knowing their monthly payment will remain fixed.
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The Benefits of Locking a Rate with a Fixed Rate Mortgage
If you’re looking for the security and predictability of fixed monthly mortgage payments, then a fixed rate home loan is a preferable option for you. A fixed mortgage rate for your home purchase or refinance offers the stability of consistent monthly principal and interest payments and allows a homeowner to more easily set a monthly budget without having to worry about unexpected changes in mortgage rates. All you have to worry about is the current mortgage interest rate.
Available Refinance Program Options
eLEND can help you convert to a fixed rate mortgage via the following programs:
Fixed rate loans can be used to refinance a primary residence, second or vacation home, or an investment property. Refinancing is also available for single family homes, condos, manufactured homes, and multi-family properties.