Selecting a Refinancing Loan
When you are overwhelmed with all the choices, it may seem like there are even more refinance programs than applicants! Call us at 3038627760 and we can match you with the loan program that fits you best. There are some general questions to ask yourself as you look at your choices.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you close a fixed rate mortgage, you set the low interest rate for the life of your mortgage. If you expect to live in your home for at least five more years, a loan with a fixed rate may be a particulary good option for you. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get lower mortgage payments.
Getting Out some Cash
Are you wanting to cash out some of your equity with your refinance? Maybe you're dreaming of a cruise; you have to pay college tuition for your child; or you are planning some home improvements. With this in mind, you will need to get a loan higher than the remaining balance of your present mortgage.So you You will want to find a loan for a bigger amount than the current balance with your present mortgage in that case. If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Do you hold other debt, perhaps with higher interest, that you want to consolidate? If you have any debt with higher interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough home equity.
Building up Equity More Quickly
Are you dreaming of paying your loan off faster, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. The mortgage payments will likely be higher than with the longer term loan, but the pay-off is: that you will pay considerably less interest and can build up equity more quickly. But, you may be able to make the change without much increase in your monthly payment if your longer term mortgage was closed a while ago, and the remaining balance is low. You could even pay less! To help you understand your options and the numerous benefits in refinancing, please contact us at 3038627760. We will help you reach your goals!
Curious about refinancing your home? Call us: 3038627760.