Which Refinancing Program is Right for You?
There are not as many loan programs as there are borrowers, but it feels like it sometimes! Contact us at 3038627760 and we'll help you qualify for the right refinance loan for your situation. surveying your choices, you can list your goals for the refinance.
Reducing Your Monthly Payments
Are achieving lower payments and an improved rate your main reasons for refinancing? If so, the best choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the loan, even when interest rates rise. A fixed-rate mortgage is especially a good idea if you aren't expecting a move within the next 5 years or so. However, an ARM with a initial low payment could be a better way to lower your payments if you plan on moving within the near future.
Refinancing to Cash Out
Is "cashing out" your main purpose for refinancing? Maybe you want to make home improvements, take care of your college kid's tuition, or take your dream vacation. Then you want to get a loan higher than the balance remaining of your present mortgage loan.Then you You'll need to qualify for a loan for a bigger amount than the current balance with your present mortgage in that case. However, if your mortgage rate is high now and you have held it for quite a few years, you may be able to reach your goals without making your monthly payments higher.
Do you want to cash out a portion of your equity to consolidate other debt? Great plan! If you hold any debt with high interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.
Paying it off Sooner
Do you hope to build up home equity quicker, and have your mortgage paid off faster? If this is your goal, the refinance can switch you to a mortgage program with a short, like a 15 year loan. You will be paying less interest and increasing your equity faster, although your payments will usually be higher than you were paying. However, if you have had your existing thirty year mortgage for a number of years and the loan balance is somewhat low, you might be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at 3038627760. We will help you reach your goals!
Curious about refinancing your home? Give us a call at 3038627760.