Refinance - Combination Rate Mortgages

Unsure whether an adjustable rate mortgage or fixed rate mortgage refinance loan makes the most sense for you? Get the best of both worlds, a lower initial rate and fixed monthly payments, with a Combination Rate Mortgage. Countrywide Bank's Full Spectrum Lending Division offers a choice of 2 or 3 years of fixed payments. After the fixed rate period, your interest rate will convert to an adjustable rate using the popular LIBOR index for the remainder of the loan term.

Reasons to consider a combination rate mortgage refinance loan:

• Establish Fixed Payments — You can manage your finances more easily with up to three years of fixed monthly payments.

• Increase Upfront Savings — If you're planning to stay in your home or keep your refinance loan for the short term, between 5-10 years, lower upfront fees and payments may make a combination rate mortgage cost less than a fixed rate mortgage.

• Minimize Initial Payments — You can use a combination rate mortgage to obtain a lower monthly payment during the fixed period and lower upfront costs than a fixed rate mortgage.

• Get Approved — Combination rate loans even make qualifying easier because of more flexible underwriting approval criteria than most fixed rate mortgages.

How do you know if a combination rate refinance loan is right for you? Here are a few ways. If you:

• Need the stability of a fixed payment to better manage your finances.

• Need to consolidate debt. Combination rate loans are a good option for those wanting a debt consolidation loan, since you may be able to qualify despite having a larger amount of debt. You can use the money from your refinance loan to help pay off your high interest rate debt.

Compare other refinancing options: learn more about a fixed rate or adjustable rate mortgage.

Need to refinance your home loan? Is a combination rate loan right for you? Get the answer fast by calling our experienced Home Loan Consultants at 1-800-909-8217 for a FREE, no obligation loan consultation. At Countrywide, we won't recommend a refinance home loan unless we know we can help you meet your needs and realize your dreams. Even if your credit is “less than perfect,” you might qualify for a prime loan. Call today.