Amber Sky Home Mortgage Provides Homeowners with Refinancing Options

Amber Sky Home Mortgage, a trusted direct lender and leader in New Jersey home mortgage rates, loans and refinancing, provides homeowners with refinancing options for today’s marketplace.

“Refinancing your home can be a great way to consolidate debts and take advantage of today’s lower interest rates,” said Michael I. Sema, President of Amber Sky Home Mortgage.  “Homeowners looking to refinance should know all of the options available to them and educate themselves on which type of loan best fits their financial situation. Additionally, working with a mortgage specialist can help homeowners reap the full benefits of refinancing.”

Amber Sky Home Mortgage provides homeowners with the following refinancing options:

1. 15 Year Loan -- If you already have equity in your home and are looking to refinance, you may decide to take a 15 year loan instead of a 30 year loan. By taking a fifteen year loan you will decrease the amount of interest you pay and this will result in a higher monthly payment, however with interest rates as low as they are, this may offset some of the cost.
2. 30 Year Loan-- The prototypical loan that is ideal for younger homeowners who are planning to stay put and want to take advantage of lower monthly payments. A longer loan does mean paying more in interest over the long run, but larger payments can always be made to help offset the additional expense.
3. Fixed Rate or Adjustable Rate—Fixed Rate mortgages lock in the mortgage rate at the time of refinancing for the duration of the loan, however if you feel that interest rates may still go lower, you can opt for an adjustable rate mortgage that fluctuates during the life of the loan depending on interest rates.
4. HARP (Home Affordable Refinance Program) – This government run program was birthed in March of 2009 from the ashes of the mortgage crisis. This program allows homeowners who currently owe more on their home than it is worth to refinance.

For information on 15 or 30 year mortgages, fixed or adjustable rate mortgages, the HARP program or to speak with a certified New Jersey mortgage specialist please call (201) 393-0200 or visit www.amberskyhomemortgage.com.