Selecting a Refinancing Program

The huge number of refinance options available is truly breathtaking. Call us at 3038627760 and we can help you qualify for the perfect refinance loan for your situation. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you narrow your choices.

Lowering Your Payments

Are getting reduced payments and a lower rate your main reasons for refinancing? If so, your best option may be a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or maybe 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 the loan, even when interest rates rise. This can be especially a wise option if you don't plan to sell your home within the next 5 years or so. However, if you can see yourself selling your home in the near future, an ARM mortgage with a small initial rate might be the best way to bring down your monthly payments.

Cashing Out

Is your refinance goal mainly to "cash out" some home equity? Your house needs improvements; your son has been accepted to college and needs tuition; or you are planning a special vacation. So you want to apply for a loan for more than the remaining balance on your current mortgage.In this case, you will want However, if your loan interest rate is high now and you have held it for a long time, you could be able to achieve your goals without making your monthly payments rise.

Consolidating Debt

Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you have enough equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) may help save you a chunk of money every month.

Paying it off Faster

Are you planning to fatten up your equity faster, and pay off your mortgage more quickly? Consider refinancing to a shorterterm loan, like a 15-year mortgage loan. Even though your monthly payments will likely be increased, you will be paying less interest; so your equity amount will build up faster. However, if you have held your existing thirty year mortgage loan for a number of years and the remaining balance is somewhat low, you may be able to do this without increasing your monthly payment — you might even be able to save! To help you figure out your options and the many benefits in refinancing, please contact us at 3038627760. We are here for you.

Curious about refinancing your home? Give us a call at 3038627760.