The economy has not gotten much better lately and you may be feeling the pinch when it comes to keeping up with your mortgage payments. You may even be facing foreclosure. Before things get totally out of hand, you should consider the possibility of refinancing with a new SunTrust mortgage. Refinancing your mortgage may be just what you need to be able to get back on your feet financially.
Interest rates right now are about as low as they are ever going to get, which is the best reason why now is the best time to refinance your home. In order to help you, SunTrust Mortgage offers several ways to refinance your mortgage so you can keep and enjoy your home.
Refinance with a SunTrust Mortgage
One thing that makes a home mortgage unaffordable is the interest rate. By refinancing with a SunTrust mortgage, you may be able to get a lower interest rate, which could lower your monthly payment considerably. This enables you to take the drudgery out of each monthly payment which you are now struggling to handle, and you can get one that more readily fits into your current financial situation.
Plenty of Mortgage Options
Refinancing your mortgage is best accomplished when you consider your options. In order to help provide you with the mortgage refinance that you need, SunTrust Mortgage offers a number of mortgages to choose from.
Fixed rate mortgages are available from 10 to 40 years. It is also possible to “buy down” your initial payments. Homeowners also have the opportunity to pay off their mortgage sooner with the option to make bi-monthly payments. The advantage of a fixed rate mortgage to refinance home loan is that you receive predictable payments that are steady throughout the life of the mortgage.
SunTrust Mortgage also offers various adjustable rate mortgages for a standard 30-year term. They come with a fixed rate portion of 3,5,7 or 10 years, and then the remainder of the 30-year period has an interest rate based on market value. These ARM’s may also be paid off early to save money.
The Government’s Making Home Affordable Program
SunTrust Mortgage also helps struggling homeowners refinance your home by working with the Federal Government’s Making Home Affordable Program. This program has two different parts, the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP).
Get the Home Mortgage Interest Rate You Want
Mortgage rates change every day. Unless you are watching the market every day, you could easily miss the best interest rates you need. Of course, right now is probably the best time to refinance your home mortgage because rates are lower than ever – and probably will not be going much lower. In order to help you know when the rates are where you want it, Sun Trust offers a Rate Watch program, which will notify you when the rates and discount prices are where you designate.
In order to more accurately determine if your situation will enable you to qualify to refinance your home through the HARP program, you can contact the SunTrust Mortgage Loan Officer at 1-800-330-4684. This number is toll-free.