Whether you are refinancing to consolidate debt, lower your rate or make home improvements, Syndicate can do it all for less cost and lower rates. Refinancing is about opportunity and cost. You should ask yourself the following questions and then see how the Syndicate Advantage can save you more. Will I effectively lower my mortgage payment by refinancing? Should I refinance my high interest debt into my mortgage loan? What time frame can I expect to recover the costs associated with mortgage refinancing? What type of mortgage products will best suit my refinancing needs? A. Lowering your monthly payment is the most fundamental of reasons to refinance. Many people to choose to go into a lower rate to have a lower monthly payment and more available cash on a monthly basis. Some borrowers will go into an adjustable rate mortgage (ARM) from a fixed rate to lower their rate. B. Refinancing high interest debt is the biggest reason borrowers choose to refinance. By rolling higher interest revolving and installment loans, that include credit card and car loans, borrowers tend to save by having lower overall monthly payments (increasing cash flow) and receiving an increase in tax deductions because of larger mortgage interest payments. C. Cost recovery of refinancing is a key element to a borrower's decision to refinance. People should determine what their monthly savings will be and divide into the transaction cost of the refinance. This will give the number of months it will take to break even. Remember to include all of the previous revolving/installment type payments that were being made before the refinance. Typically, one payment is much cheaper than the sum of many smaller ones. With Syndicate Financial, cost recovery will be quick. The reason for this is that out interest rates tend to be lower, resulting in lower monthly payments. And our closing costs are less expensive, so the cost recovery amount is much smaller. Use our cost recovery spread sheet to determine what your recovery time would be. D. There are a few types of mortgages borrowers should be educated about to make an informed decision. 1. Fixed Rates Mortgages - the most basic of mortgages. It comes in a variety of terms from 15 to 30 years. Borrower will pay the same monthly payment for the duration of the loan. These mortgages tend to have the highest rates. 2. Adjustable Rate Mortgages (ARMS) - Mortgages that are fixed for a certain period of time. This time period is anywhere from 1 month to 10 years. The most popular of these are the 3 and 5 year ARMS. These home loans come with a variety of components including CAPS (the amount a mortgage can move in a given time frame), Index (the financial instrument/index used to measure the current day cost of money) and Margin (the amount that is added to the index to determine the new rate after the mortgage's initial fixed period.