Refinancing Assistance
You may be interested in refinancing your home. Bridgefield doesn’t currently offer new loans, but we’re eager to provide the information you need to make a choice.
I received a letter about refinancing from First Guaranty. Who are they and is this legitimate offer?
Yes, Bridgefield entered into an agreement with First Guaranty. They are licensed to originate government backed loans that can convert your existing loan to a fixed rate mortgage and lower your monthly payment.
My home has lost value. Isn’t refinancing a waste of time?
No, part of the reason these government programs are available is to assist consumers who have lost equity in their homes. It is better for you and the community you live in that homeownership is maintained to stabilize home price depreciation. Making your loan more affordable and creating equity is one of the best ways to do that.
So what is this going to cost me?
You will have to complete an application with First Guaranty before any costs to refinance, if any at all, can be determined. However, if you have a pre-payment penalty on your loan, we will waive it.
My credit is not the best and I'm afraid it may have gotten worse. Will I qualify for a new loan?
Understandable given the economy, we know people are struggling, this is part of the reason these government programs are available. Even with imperfect credit you might qualify for an FHA loan.
I am self employed, or my income has decreased, do I have to disclose information on how much money I make?
Yes you will, but this is an entirely different loan program so please do not let that keep you from filling out an application. These are tough economic times and we realize that a loss of income is not uncommon; there is a good possibility of you qualifying for a loan.
What will my new payment amount be?
You will need to go through the refinance process with First Guaranty before your new payment amount will be determined. However, this programs goal is to reduce your current principal and interest payment by as much as possible, and to less than your current principal and interest payment. Please do not stop making your existing mortgage payment as this will help your chances of qualification.
When will my next payment be due?
First Guaranty will provide this information when you refinance your loan. However, you should continue making your existing mortgage payment.
How low or what will my interest rate be?
You will need to go through the process with First Guaranty before your new rate is given. Rates are still around historical lows so I would take advantage of this opportunity to find out.
How much is my balance going to be reduced by?
This is dependent on going through the application process with First Guaranty.
How will First Guaranty know what the value of my home is?
First Guaranty will require an appraisal.
Will my payments still be made to you (Bridgefield Mortgage)?
If you obtain a new loan, it will be with another lender. First Guaranty will provide specific information pertaining to your new loan servicer. But you should continue making your payments on your Bridgefield loan while you are going through the refinance application process.
Do I need to continue making payments with you (Bridgefield) if I refinance my loan through First Guaranty?
Yes, up to the closing date.
What is the deadline to decide if I want to do this?
30 days from the date of the letter.
What happens if I decide against refinancing my loan to this FHA program?
You will continue making your payments to Bridgefield Mortgage as normal and we are very appreciative to have you as a customer.
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