Shortening your loan term, lowering your monthly payments, replacing your adjustable-rate mortgage, consolidating credit card debt, paying education costs, making home improvements…are all great reasons to refinance your mortgage now with Mortgage of New York.

In the 80's, the rule of thumb was that if you could lower your mortgage rate by two points, you should refinance. Today, that advice is considered quick, convenient and often wrong. Refinancing could represent a golden opportunity to put money back in your pocket every month…making that old rule of thumb no longer valid.

First, because interest rates are lower than they were in the 80's, refinancing from 7% to 6% gives you the same proportionate savings as refinancing from 14% to 12%. Also, the costs of originating a loan have fallen. If you are charged very little in points or origination fees, then even a tiny reduction in interest rates warrants refinancing.

One option is to refinance your 30-year mortgage with a 15-year mortgage. It's true that the monthly payment on a 15-year loan is higher than on most other mortgages-it's designed to be paid off in 15 years rather than 30 years. But if rates have fallen enough or your income has risen enough since you took out your original mortgage, the 15-year may now be more affordable for you. Of course, you can also cut your payments by refinancing with a new 30-year loan! Or if you have an ARM loan (adjustable rate mortgage), you can lock in at today's low interest rates and avoid the risk of rising rates down the road.

Do you want to make improvements to your property?

Do you have credit card debt to pay off?

Are you buying a business?

Do you need to underwrite your child's college education?

Cash-out refinancing is the answer! If you bought your home with a high percentage of cash, you can refinance with a larger loan and walk away from the closing table with a fat check!

Remember…Mortgage of New York can refinance your mortgage through a bank that accepts assignments, so there's no new mortgage tax and your closing costs stay low.

Don't pay more than you have to …if you can save thousands and thousands of dollars, you should refinance immediately and take advantage of today's rates…they won't last forever.

Find out now…try our Refinancing Calculator to see if Mortgage of New York can put money in your pocket every month.