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Should You Refinance Your Mortgage: An Interview with Robert Jayne of Vanguard Funding LLC

By Robert Jayne

How much equity does one need before considering refinancing?

Depending on certain qualifications we can finance up to 96.5%.

If credit scores are low, will this affect the ability to refinance?

Yes, your credit score is a major factor in qualifying for any type of mortgage. FHA loans will allow lower credit scores than conventional loans.

What are the main reasons people choose to refinance their mortgage?

Homeowners refinance in order to lower their interest rate, or cash out. Many choose to cash out to pay off other debts at high interest rates, or even to make home improvements.

Can someone refinance if they have a second mortgage?

Yes, so long as all other qualifying factors meet underwriting guidelines.

How can home mortgage refinancing affect the financial situation for retirement?

Again, another question that will be a case by case. It depends on the ultimate financial goal. A great mortgage product for retirement is the Reverse mortgage. We have a Certified Reverse Mortgage Specialist, designated by NRMLA (National Reverse Mortgage Lending Association). His name is Robert Jayne.

What are the risks associated with refinancing a home?

A rate and term refinance will lower your interest rate/monthly payment or the term of the loan perhaps both. Lowering the term could possibly increase the payment. Qualified borrowers will be able to handle the payment unless an unforeseen event happens that negatively affects them financially. With a cash out refinance the payment can also increase. Potentially the cash could be used to incur additional debt. Even though we would qualify them with the debt, again unforeseen events could happen which negatively affect their financial ability. In addition, the cash out portion reduces the equity. Our underwriters have years of risk analysis experience to minimize any potential risks.

What is the best way for people to get in contact with you?

Please call Robert Jayne NMLS # 3378. Robert Specializes in all areas of residential mortgage lending: 516-824-3262

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About The Author

With over 19 years of experience, Robert Jayne is a recognized leader in the mortgage...

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