CARMEL, IN / ACCESSWIRE / July 29, 2021 / Home refinancing rates are at historic lows, giving many people an incentive to find out exactly what a mortgage refinance means for them. Rick Ripma, The Hard Working Mortgage Guy, is a mortgage expert based in the Indianapolis, Indiana area and has been helping clients with their mortgage needs for over 20 years. He explains why a refinance might be an attractive option for many homeowners, especially now as the economy looks to rebound.
"A refinance mortgage is when a homeowner who currently has a loan on a home requests to have that loan redone. In many cases, homeowners can take out some of the equity built up in the home as cash," Ripma explains, "There are several reasons homeowners may want to take out some or all of their equity that is available to them. These include paying down debt, paying for college for children, financing a wedding, lowering their monthly payments, access funds for home repair, or remodeling, use that equity to invest, etc. Any home, even one that nothing is owed on can be refinanced, and it can be done more than once if needed."
Refinancing a home can often save homeowners money, and is similar to the process one goes through to secure money to purchase a new home, in this case, they get a new loan on the property they already live in. There will be closing costs, including the appraisal fee, origination fee, title insurance, settlement fees, homeowners insurance, and a credit check including credit history will be done on homeowners, as well as an analysis of their income and employment history, and will need to show their cash reserves, savings, and assets. There are three main types of mortgage refinance:
- Rate and term refinance - This is a way for homeowners to change both the current loan's rate and if desired the length of repayment. As an example, a homeowner may change from a 30-year fixed term into a 20 or 15-year fixed-rate term, which can save them tens of thousands of dollars over the term of their mortgage. Some folks want to reduce their monthly mortgage so they go back to a 30 year fixed. This save on the monthly payment is great for anyone wanting to lower their monthly expenses.
- Cash-out refinance - This is a refinance situation where a person wants to take money out of the equity they have built up. Equity is the amount of a home a person already owns and is accessed by taking out a loan against the value of the home.
- Cash-in refinance - This type of mortgage refinance is when a homeowner puts more cash down on the home at closing, thereby lowering the amount owed to the bank, as well as the loan balance, which can result in a lower interest rate and lower monthly payment. This is also an option for folks wanting to lower or eliminate their mortgage insurance premiums.
Ripma works directly with clients who want to refinance, getting to know the specifics of their situation and the reasons that are driving them to want to refinance. He asks a series of questions to determine what their needs and desires are, getting into what their current mortgage is, what their equity is, their current interest rate, and more, and creates an extensive "mortgage savings report", which can show up to four different mortgage savings options over a few time frames, all laid out in comparison with their current situation. The report includes a video to explain the report and reveals to clients what benefits there will be for them if they pursue refinance over different periods of time.
"People go into a refinance for all sorts of different reasons, for some, it is just a way to pay off their home sooner, take out some equity, or pay down debts, for others, it just may save them from losing their home. So, it's all about figuring out what somebody needs to accomplish, everybody is different. My priority is that I believe in fully understanding what somebody needs and wants. I don't tell people what to do, but I try to give them the right information so they can make the best decision for them."
Ripma has been in the Indianapolis area for over 60 years, he was born and raised there and knows the ins and outs of the housing mortgage market like second nature. He has been in the home industry for over 30 years, spending ten years of that working as vice president of sales for a homebuilder, before he got into mortgages. He has closed over 8,000 loans in his career and has closed over $1 billion dollars in real estate loans. His motivation comes from being able to help people and make a real impact in their lives. Ripma also hosts a weekly radio show where he gets into topics that relate to the home mortgage process.
"I love what I do, and I never plan to retire. When you can help somebody who appreciates what you did, and you changed their financial life, that's a really good thing to be able to do. I help people get into the house of their dreams, I can help them keep that house of their dreams; I help them get there."
Ripma works with Advisors Mortgage Group, which has clients in 31 states and specializes in getting people the right mortgages; they are leading experts in special cases like renovation mortgages, reverse mortgages, and rural mortgages. Connect with Rick Ripma, The Hard Working Mortgage Guy (NMLS #664589), and his team at Advisors Mortgage Group (NMLS #33041) on their website www.hardworkingmortgageguy.com to learn more about mortgages, including new home purchases, and refinancing. Visit http://nmlsconsumeraccess.org for their licensing information.
CONTACT:
Company Name: Advisors Mortgage Group, LLC
Contact Person: Rick Ripma
Address: 811 W Main Street, Suite 210, Carmel, Indiana 46032
Phone Number: 317-215-7600
Website Links:
https://hardworkingmortgageguy.com/
https://advisorsmortgage.com/
SOURCE: Advisors Mortgage Group, LLC
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