Refinancing: Which Loan Program is for You?

The huge number of refinance options available is truly breathtaking. We can guide you to select the refinance program that can fit your situation the best. Call us at 3038627760 to get things started. What are your reasons for your refinance loan? Considering in mind the following will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal option for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate varies. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a loan with a fixed rate may be a particulary good choice for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Refinancing to Cash Out

Is "cashing out" your main reason for your refinance? It could be you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. Then you need to get a loan for more than the balance remaining on your current mortgage loan.In that case, you'll need If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Debt Consolidation

Maybe you'd like to cash out a portion of the equity (cash out) to put toward other debt. If you own some debt with high interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while building up your equity quicker? If this is your wish, your refinance mortgage can switch you to a mortgage program with a shorter term, like a 15 year loan. The mortgage payments will probably be higher than with a long-term mortgage, but the pay-off is: that you will pay quite a bit less interest and can build up equity more quickly. Conversely, if your current longer term loan has a low balance remaining, and was closed a while ago, you may be able to make the change without paying more each month. To help you determine your options and the numerous benefits in refinancing, please call us at 3038627760. We are here for you.

Want to know more about refinancing your home? Call us at 3038627760.