Advantages of refinancing
- an interest reduction for your current mortgage credit of at least 1%.
- Change the term of your mortgage loan.
- refinancing to a shorter term loan, allows you to accumulate the liquid value of your home faster.
- can take out the liquid value that you have accumulated in your property and use the funds for home improvements, consolidate debts or other purposes.
- Increase your cash availability while reducing your monthly payments.
- replace one type of mortgage loan for another, by going from fixed to variable interest rates or vice versa or change the duration of the obligation.
- obtain a fixed or variable interest rate for short-term savings.
- eliminate mortgage insurance. If your initial loan required mortgage insurance, then refinancing is a good alternative to eliminate this expense.
Costs to consider:
- Closing costs. (Can be included in the loan amount.)
- in some cases, a new appraisal is required.
- It is possible to borrow money from the accumulation of the mortgage amortization on your property and use the cash to make improvement on the house.
- Up to 90% of the liquid value on your house can be used to make improvements.
- The amount of money from the mortgage amortization that can be used is based on the value of the property and the current amount of debt outstanding, according to the state laws that apply.
- It is possible to refinance your house even when the mortgage amortization accumulation is not substantial.
At Doral Bank, you and our community take center stage.
Access your account or perform transactions through our Internet Banking Service at www.doralbank.com.
Verify information about your accounts and make transactions through TeleDoral by calling 787.749.7000.
Visit any of our branches to get more information.