When Does Refinancing Your Mortgage Loan Make Sense?

Owning a home can be one of the largest expenses we deal with during our lives. It’s an investment in a place where we can live comfortably and raise our families. It makes sense that many people are interested in learning about ways to improve their financing on a home. Mortgages are often long term loans, which means they can at times be unfavorable compared to the current market rates if times change. Refinancing your mortgage typically means changing out your current home loan for another one at a lower interest rate. It can be a great opportunity for homeowners to improve their financial situation. Below, we will discuss how to know when refinancing your mortgage loan makes sense for you. If you have any questions about refinancing your mortgage or would like to discuss the process, reach out to All American Financial Services today.

If You Need to Pay off Debt

If you are someone that is dealing with a lot of debt, it might be a good idea to refinance your mortgage. High-interest debt can be crippling for a family and can cause lots of stress in a home. If you have enough equity in your home, you can refinance your mortgage to consolidate that debt into a single monthly payment. There’s a good chance that the interest rate on the refinanced mortgage will be lower than your existing debt, which means you can end up saving a lot of money in the long run.

Your Rate is Higher Than the Market Rates

Is there a worse feeling than paying for something that you can get for a lower price elsewhere? If your mortgage rate is higher than the current market interest rates, you might want to explore refinancing your mortgage. Interest rates are currently around historic lows, so now might be the right time for refinancing your mortgage. Even a small reduction in the interest rate percentage on your home loan can end up saving you thousands of dollars over time.

You Have Trouble Meeting the Monthly Payments

If you are struggling financially and have trouble meeting the monthly payments of your current home loan, it might be time to explore refinancing. You can get a lower interest rate as well as a lower monthly payment with a mortgage loan refinancing. Keep in mind that if you are behind on your mortgage or have missed payments, you won’t be able to refinance. If you have any questions about refinancing or would like to hear more about how it can affect your monthly payments, reach out to All American Financial Services today.

Your Credit Score Went Up Significantly Since the Original Loan

Credit scores play a huge impact on the interest rates that you get on a loan. If your credit score has gone up significantly over time since you initially bought your home, it’s probably a good idea to look into refinancing. You might qualify for a much lower interest rate thanks to your improved FICO score.

Reasons Why a Notary Service Makes Sense

Sometimes, we need a document to be looked over and approved by a specially certified person for legal purposes. That person is known as a notary. A notary is essentially a third party witness that authorizes documents between two parties as legally binding. There are tons of contracts and documents that notaries look over on a day to day basis. The chances are you will need a notary service at some point in your life, especially if you own or work in a business. The good news is that All American Financial Services offers notary services at a great price. You can reach out to us for any of your notary-related needs. Below, we will go over some of the reasons why using a notary service makes so much sense.

Notaries Can Be Mobile

The great thing about using a notary service like All American Financial Service is that they can come to you. That means you can have something notarized at the location of your choice. Business deals happen all over these days and at a very rapid pace. The good news is that you can easily have a notary service come out to meet you when you need them.

Notary Service Saves You Time

Time is money in a lot of different ways. Notaries can save you time because they can legitimize a document from a legal standpoint in a short amount of time. They will also save you time by coming to the location of your choice as we mentioned in the first point. Notary services work on your time, so if you have an emergency contract that needs to be notarized as soon as possible, a notary service can make it happen. The last thing you want is to hold up a deal because you are trying to find someone who can notarize a document. Reach out to All American Financial Services for all of your notarization needs.

Notaries Help with Real Estate

You might not be aware, but a notary can also help you with real estate transactions. These are huge days that involve a lot of money changing hands, so you want to make sure that notarizing contracts and deeds is the least of your worries. You can hire a notary service to come out and make the deal happen in a smooth and effortless manner.

Notaries Can Assist with Matters of Posterity

Sometimes our loved ones or family members end up in a situation that requires a living will or a last will and testament. These can be life or death situations, so having a notary ready to come and legally approve these types of documents is a huge advantage.

A notary service can benefit your business dealing and legal needs in a variety of ways. Keep in mind that All American Financial Services offers notary services at a great price and can travel directly to you. We also offer discounts on multiple documents.

Learning About Different Types of Home Loans

If you are interested in owning a home or if you already own a home, you should definitely be well-versed in the types of home loans that are available to you. The more you know about the home loan options that are available to you, the better suited you are to make the right decision. Knowledge is power when you are looking into financing, which is why we’ve prepared the following article that details the different type of home loans that you can choose from. If you are looking for a loan to purchase the home of your dreams, reach out to All American Financial Services today. We can help you secure a loan based on your individual needs and walk you through everything you need to know to make a great decision.

Conventional Loan

A conventional loan is a loan that is not backed by a government entity. It’s a loan that typically requires a minimum of a 20% down payment or equity in the home. The conventional loan is perfect for home investors that have great credit and a good debt-to-income ratio. People that pursue the conventional loan should be ready to bring a nice amount of cash to the closing. It can be easy to qualify for a conventional loan, but if your credit score isn’t great you will likely receive high-interest rates.

Fixed-Rate Mortgage Loan

A fixed-rate mortgage loan is an option that locks you into the same interest rate for the duration of the loan. That means that the monthly payment on the home will never change until it is paid off. It’s worth noting that the interest rates for fixed-rate mortgage loans are normally higher than adjustable-rate loans. The benefit of this type of loan is that you won’t have to worry about interest rate hikes at a later date since your interest rate is locked in.

Adjustable-Rate Mortgage Loans

This is an interesting option for buying a home that involves a fluctuating interest rate that is based on market interest rates. These loans will typically start off with a low-interest rate so that people can easily afford the payments. However, it’s possible that the owner won’t be able to make the payments later on down the road if the interest rates go up significantly.


There is a special option out there for rural borrowers that have a steady income but can’t obtain a loan through the traditional financing options. The U.S. Department of Agriculture loan helps people living in rural areas become homeowners through a loan program backed by the Rural Housing Service.

These are some of the most common types of home loans that are available. If you have any questions about obtaining a home loan or would like to hear which financing option might be best for you, reach out to All American Financial Services today.