Matt Malloy, president of Integrity Home Loan of Central Florida, said his company projected that the huge number of candidates who qualify for lower interest mortgage refinancing will fuel its growth over the next five years.
In the past 17 months Integrity Home Loan has opened two new offices in Central Florida and two more out of state. At least three more Florida offices are planned over the next 12 months.
“Home owners who can reduce their current mortgage interest rate by at least one percent are the best candidates for mortgage refinancing,” Malloy said.
Typically, refinancing residential mortgages will reduce mortgage rates by one to two and one-half percent, which in turn could reduce monthly payments for principal and interest by $150 to $300, depending on size of the mortgage.
Malloy said most home owners whose mortgage is current will likely qualify to refinance their current mortgage.
Residential mortgages that are less than 10 years old will likely benefit most from refinancing, Malloy said.
Homeowners whose mortgages were written before June 1 qualify for a special program underwritten by the U.S. government — HARP, The Home Affordability Reduction Program.
“The availability of residential mortgage capital for qualified home owners, along with programs such as HARP, have a huge market of potential home owner candidates who could benefit,” Malloy said.
“We mean to be their best resource for refinancing,” Malloy said.