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Purchase- Fixed Rate Mortgages
Berkshire Financial can help you attain the dream of every American, to own their home. It gives our staff great satisfaction in facilitating our clients to obtain the home of their dreams. We have access to many programs that can have you approved in no time at all.
We offer fixed rate mortgages where your monthly payments are constant over the course of your loan either 30 years, 20 years or 15 years. The interest rate remains fixed and the payments remain level for the life of the loan.
During the early amortization period of your loan a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to the principal.
Additionally, we can accommodate even the most difficult case scenario; tailor making a program to fit almost any of our applicant’s special circumstances.
Place your trust with the people who have all your interests at heart!
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HOME IMPROVEMENT/HOME EQUITY
A Home Equity loan can afford you large amounts of money at low interest rates as well as certain tax benefits not available with other kinds of loans. (Check with your tax advisor for details).
In order to obtain a Home equity credit line you need to use your home as collateral against the loan. In addition, because Home Equity Loans gives you effortless access to cash, you will find that you can have money more easily accessible. Also, it is more advantageous to you than using your savings or credit cards. Home Equity Loans helps to increase the value of your home through home improvements, needed major repairs, adding livings space through additions or luxuriates in the pool of your dreams.
SECOND MORTGAGE
In addition to Home Equity Loans, there are other means of borrowing money from Berkshire. For example, you may want to explore second mortgage options. Although this places an additional mortgage on your home, it is usually for a considerably smaller amount than your existing first mortgage and second mortgage money usually is at a fixed rate and payment amount.
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Refinancing your mortgage with Berkshire Financial Group, Inc. can save you money through the course of the amortization of your loan as follows:
First, even a small reduction in your interest rate can pay off rapidly.
Second, if you plan to stay in your home for at least three to five years, it may make sense to pay -points- (a point equals 1% of the loan amount) and closing costs to get the lowest available rate. It will take a short while to recoup these costs after which time you will be saving money on a monthly and yearly basis for the length of your loan.
And third, you can avoid a cash layout and still get a low rate by adding the fees and closing costs to your new mortgage. This does not mean shouldering a lot of extra debt. If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan, lock in at a lower rate and still end up with a mortgage amount that’s less than your original one.
In order for refinancing to make sense the traditional rule of thumb is that the interest rate of your new mortgage must be about 2 percentage points below the rate of your current mortgage.
However, with our new low cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.
Another factor to consider is how long you expect to stay in your home? If your planning to move in the next few years the monthly savings may never add up to the costs that involved in refinancing and, therefore, we would never recommend that you refinance under that circumstance.
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