Refinance To Meet Your Goals

Mortgage refinancing lets you save money or tap equity. Set your home refinance goal, then compare rates and fees.

When And Why You Should Refinance A Home

When your goal is to pay less every month, you can refinance into a loan with a lower interest rate. Another way to reduce the monthly payment is to extend the loan term. The drawback to extending the term is that you pay more interest in the long run.

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Reduce Your Monthly Payment

Tap Into Equity

When you refinance to borrow more than you owe on your current loan, NorthPort will give you a check for the difference. This is called a cash-out refinance. People often get a cash-out refinance and a lower interest rate at

the same time.

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Pay Off Your Loan Faster

When you refinance from a 30-year mortgage into a 15-year loan, you pay off the loan in half the time. As a result, you pay less interest over the life of the loan. This can help reduce the amount of interest you will pay.

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The Best Time To Refinance

To know if it’s the right time to refinance, first determine how long you plan to stay in your home, consider your financial goals and know your credit score. All of these things, along with current refinance interest rates, should play a role in your decision about whether — and when — to refinance. Refinancing a mortgage involves taking out a new loan, typically with better terms, in order to pay off an existing loan. People typically choose to refinance when interest rates decrease or if they have an adjustable-rate loan that is higher than available rates. If you are considering refinancing a mortgage, it is a good idea first to calculate how much it can change your payment.

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Refinance Basics

What You Need For Closing

Finalizing your mortgage is perhaps the most crucial step in the home-buying process. It’s important to be prepared for pre-closing and closing, so you know what to expect. The lenders here at Northport Funding have decades of experience and serve as your trusted advisor throughout the entire process. Our goal is to ensure that you feel completely comfortable with each step. Here is an outline of what to expect at closing.

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What's Your Mortgage Type

Choosing among the different types of mortgage loans isn’t all that painful if you know the lingo. Choosing a mortgage program often comes to a choice between these two mortgage types: FHA or Conventional? Both are good options, but mortgages are a bit like power tools, you want to choose the one that is right for the job.

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What To Expect During Underwriting

Did you know that your finances go through a process called underwriting before you can officially get a mortgage? Underwriting is a crucial component of the home loan process because you can’t get to closing until your lender's team completes the underwriting for your mortgage. Let’s dive in and learn more about the underwriting process.

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Why NorthPort?

When you work with NorthPort, you’ll receive prompt, personal service that enhances your borrowing experience. We provide real-time updates & market data, that keeps you updated every step of the way, creating a simple and transparent experience. With NorthPort, you can expect a high touch and high-tech experience. Our Instant Prequalify Technology allows you to see if you are qualified to buy a home without affecting your credit score. We have built a business that is recognized for integrity, excellent service and efficient processes.

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Knowledge Is Power

What Are Mortgages Fees?

We know the questions on your mind when it comes to mortgage fees-WHAT are they and WHY do I pay them? At NorthPort Funding, we set out to streamline the mortgage process. In doing so, we’ve eliminated nonessential fees, unnecessary steps, and time-wasting appointments. Our efficiency not only makes it easier to buy a home, it translates into the best rates available.
Physician Home Loan Vs. Conventional Loan

There is a very distinct difference between physician home loans and conventional loans. They are more commonly known in the lending world as a portfolio loan. A portfolio loan is a mortgage that is borrowed from the lending institutions balance sheet or deposits and held with that bank until the home is refinanced to another lender or the home is sold. Because the bank is lending its own money, it is taking a calculated risk by not taking out a mortgage insurance policy or by paying for it outside of the loan. A conventional loan is secured by an investor and a servicer, where the mortgage can be pooled together with other similar mortgages and sold. Because of this process a conventional loan does require PMI or private mortgage insurance to cover losses potentially incurred by the investor should a borrower fail to repay the mortgage.
What Is The Biggest Difference Between A 15 vs. 30 Year Mortgage?

There are advantages and disadvantages to both 15-year and 30-year home loans. The interest rate is lower on a 15-year mortgage, and because the term is half as long, you'll pay a lot less interest over the life of the loan. Of course, that means your payment will be higher, too, than with a 30-year mortgage. Consult with the mortgage experts at NorthPort Funding and review your personal goals and options when it comes to the structure of your loan. With NorthPort, you can expect a high touch and high-tech experience. Our Instant Prequalify Technology allows you to see if you are qualified to buy a home without affecting your credit score. We have built a business that is recognized for integrity, excellent service and efficient processes.
Can I Afford A 20% Down Payment On A New Home?

The 20% down payment rule of thumb is a way to manage your costs when buying a home. By making a down payment that’s at least 20% of the purchase price, you often avoid extra monthly expenses and pay less interest than somebody who buys with a smaller down payment. However, putting less than 20% down allows you to diversify your extra cash into a savings “safety net.” Let’s review the rule in detail so you can make informed buying decisions, learn rationale behind the 20% figure, and explore alternatives so you can decide on the right down payment amount with the mortgage experts at NorthPort Funding.
Are Interest Rates The Same At All Lenders and Banks?