Refinancing: Which Loan Program is for You?

There are a huge number of refinancing options available to borrowers. Call us at 3038627760 and we'll work with you to qualify you for the best refinance loan program for your needs. surveying your options, you will need to consider your goals for your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — in which the rate of interest varies. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your mortgage loan, even as interest rates rise. If you are not planning a move in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise loan option. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Cashing Out

Is "cashing out" your main purpose for your refinance? Your house needs renovating; your daughter has gone to college and needs tuition money; or you are taking your family on a cruise. So you want to find a loan higher than the balance remaining on your present mortgage.So you need You might not have an increase in your mortgage payemnt, though, if you have had your existing loan for a while, and/or your loan interest rate is high.

Consolidating Debt

Do you hold other debt, perhaps with high interest, that you want to consolidate? If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars each month.

Paying it off Sooner

Do you hope to build up home equity more quickly, and pay off your mortgage faster? If this is your plan, your refinance mortgage can move you to a loan program with a short, such as a 15 year loan. The monthly payments will likely be more than they were with the longer term mortgage, but in exchange, you will pay considerably less interest and will build up equity more quickly. But, you may be able to make the change without much increase in your monthly mortgage payment if your long term mortgage was closed a while back, and the remaining balance is somewhat low. You may even pay less! To help you understand your options and the numerous benefits in refinancing, please call us at 3038627760. We would love to help you reach your goals!

Curious about refinancing? Call us: 3038627760.