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Is Now the Time to Refinance?
Talk to Your Community Bank about
Low Interest Rates!
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Connecticut River Bank, N.A. and ICBA:
Is Now the Time to Refinance?
Talk to Your Community Bank about Low Interest Rates.
Charlestown, NH (June 29, 2010)— June is National Homeownership Month and Connecticut River Bank, N.A. and the other nearly 8,000 members of the Independent Community Bankers of America (ICBA) continue to help millions of Americans in communities throughout the country to refinance their mortgages through the personal attention that local community banks provide.
“With recent interest rates at record lows, for some homeowners right now is the right time to refinance their mortgage, and borrowers can count on their community bank to work hard to find the best mortgage loan for their particular circumstances,” said Jim MacPhee, ICBA chairman and CEO of Kalamazoo County State Bank in Schoolcraft, Mich.
Refinancing a mortgage is similar to getting a new mortgage. Community bank lenders such as those at Connecticut River Bank, N.A. will usually require an application, credit history, property appraisal, a debt-to-equity ratio that falls within a certain range, as well as other data. And there are a number of considerations homeowners should take into account when refinancing, including the length of time you plan to stay in the home, how fluctuations in home prices may affect your equity and whether the money you save by lowering rates offsets your closing costs.
Connecticut River Bank, N.A. offers the following suggestions to homeowners who want to refinance their mortgage.
1. Gather and organize paperwork, such as pay stubs, W-2 forms, tax returns and bank and investment statements.
2. Check your credit report and bring it to your community banker. Credit reporting agencies must give you one free report annually. Access your credit at www.ftc.gov/freereports.
3. Explore whether there are special refinancing programs available that fit your circumstances.
4. Ask your loan officer to carefully explain the refinance options available, including any rate adjustments, other loan features and fees so you aren’t surprised by initial or future payment increases.
Connecticut River Bank, N.A. provides an array of residential loan products from conventional mortgages, land loans, construction loans, jumbo mortgages, VHFA, NHHFA and more. The bank is a nationally chartered commercial bank with eleven offices located along the Connecticut River Valley from Keene to Lancaster, NH. The bank currently has total assets of approximately $245 million, over 100 full-time employees and is a member of FDIC and an equal housing lender. More information about the bank and the products and services it provides can be found online at www.crbna.com.
For more information about ICBA, visit www.icba.org. The Independent Community Bankers of America, the nation’s voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers they serve. For more information, visit www.icba.org.
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