Selecting a Refinancing Option
Even though it may seem like it at times, there are not as many refinance choices as there are applicants! Contact us at 3038627760 and we can help you qualify for the perfect refinance program to fit your needs. surveying your choices, you will need to consider your goals for the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Then your best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. This can be especially a wise idea if you aren't expecting a move within the next five years or so. However, an ARM with a initial low payment may be a wiser way to lower your monthly payments if you expect to move in the next few years.
Getting Out some Cash
Are you wanting to cash out some of your equity with your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a special family vacation. Then you will need to find a loan for more than the balance remaining of your existing mortgage.In that case, you'll want to need to qualify for a loan program for a bigger amount than the balance remaining on your current mortgage loan. If you've had your existing mortgage loan for a number of years and/or have a mortgage loan with a high interest rate, you may be able to do this without increasing your monthly payment.
Consolidating Your Debt
Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have the home equity for it, paying off other high interest debt (for example: home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars in your budget each month.
Building up Equity More Quickly
Are you dreaming of paying your loan off faster, while building up your equity quicker? If this is your wish, your refinance mortgage can move you to a mortgage program with a short, like a 15 year loan. The payments will likely be more than they were with the longer term mortgage, but the pay-off is: you will pay substantially less interest and can build up equity more quickly. But, you might be able to switch without much increase in your monthly payment if your long term loan was closed a while ago, and the balance remaining is small. You may even make it lower! To help you figure out your options and the multiple benefits in refinancing, please call us at 3038627760. We are here to help you reach your goals!
Curious about refinancing? Call us: 3038627760.