Refinance with Confidence: The Best Fixed-Rate Mortgage
May 4, 2023
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Are you tired of the uncertainty of an adjustable-rate mortgage (ARM)? Do you want to enjoy the stability and predictability of a fixed-rate mortgage (FRM)? Hitch is here to help.
What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where the interest rate remains the same for the life of the loan, typically 15 or 30 years. This means that your monthly payments will not change, making it easier to budget and plan for the future.
Why should you refinance to a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where the interest rate remains the same for the life of the loan, typically 15 or 30 years. This means that your monthly payments will not change, making it easier to budget and plan for the future.
Why should you refinance to a fixed-rate mortgage?
Refinancing to a fixed-rate mortgage can offer several benefits:
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Predictable payments: With a fixed-rate mortgage, your monthly payments will not change, providing stability and predictability.
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Protection against interest rate hikes: If interest rates rise, your mortgage payments won't be affected, giving you peace of mind.
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Long-term savings: By refinancing to a lower interest rate, you can save money over the life of the loan.
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More financial flexibility: With a lower interest rate and predictable payments, you may have more room in your budget to pay off other debts or save for other financial goals.
How do you refinance to a fixed-rate mortgage?
To refinance to a fixed-rate mortgage, follow these steps:
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Check your credit score: Lenders use your credit score to determine your eligibility and interest rate. A higher score can lead to a better interest rate and lower monthly payments.
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Shop around for lenders: Compare rates and fees from different lenders to find the best deal.
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Gather documentation: You'll need to provide documentation such as pay stubs, tax returns, and bank statements.
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Apply for a new loan: Once you've found a lender and gathered your documentation, you can apply for a new loan.
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Close on the new loan: Once you've been approved for the new loan, you'll need to close on it, which typically involves signing paperwork and paying closing costs.
Why refinance to a fixed-rate mortgage with Hitch?
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Personalized recommendations: Hitch's advanced algorithm analyzes your financial information and matches you with the lenders that best fit your needs, ensuring you get personalized recommendations that work for you.
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Transparent pricing: Hitch provides transparent pricing information upfront, so you can see all the costs associated with your mortgage and make an informed decision.
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Competitive rates: With access to multiple lenders, Hitch can help you find the best rates and terms for your unique financial situation, potentially saving you thousands of dollars over the life of the loan.
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Easy and efficient: The entire mortgage process can be completed online, making it convenient and stress-free.
How does Hitch work?
1. Answer a few questions: Provide some basic information about yourself, your finances, and the type of mortgage you're looking for.
2. Get personalized recommendations: Hitch's advanced algorithm analyzes your information and provides you with personalized recommendations from multiple lenders.
3. Compare and choose: Compare rates, terms, and fees from different lenders and choose the one that works best for you.
4. Apply and close: Apply for your mortgage online and close on your loan with confidence.
What are the advantages of refinancing to a fixed-rate mortgage with Hitch?
Hitch offers competitive rates, flexible terms, and a range of options to fit your unique needs. Refinancing to a fixed-rate mortgage with Hitch can provide predictability, security, and savings in the long run.
Can I pay off my mortgage faster by refinancing to a fixed-rate mortgage?
Yes, refinancing to a fixed-rate mortgage can help you pay off your mortgage faster. With a lower interest rate, more of your monthly payment goes towards the principal balance of your loan, allowing you to pay off your mortgage faster and save thousands of dollars in interest payments over time.
What is the refinancing process with Hitch like?
Hitch's refinancing process is straightforward and hassle-free. Our team will guide you through the process step-by-step and help you choose the best refinancing option for your unique needs.
How do I get started with refinancing to a fixed-rate mortgage with Hitch?
Contact Hitch today to learn more about our refinancing options and take the first step towards a more secure financial future. Our team will work with you to understand your unique needs and help you choose the best refinancing option for your situation.
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Hitch, Inc. NMLS #2383367 #2383367
2158 NW Toussaint Drive. Bend, Oregon 97703
1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.
2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.
3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.
4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.
5. The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.