Which Refinancing Option is Right 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 perfect refinance loan for your needs. What are your goals for refinancing? Keeping in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are achieving better monthly payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be your best option. Perhaps you now hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with 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 mortgage, even if interest rates rise. This kind of loan can be particularly a good idea if you aren't expecting a move within the next 5 years or so. However, an ARM with a low intitial payment could be a smarter way to lower your mortgage payments if you see yourself moving in the next few years.
Refinancing to Cash Out
Is "cashing out" your primary purpose for your refinance? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. With this in mind, you'll need to find a loan for more than the remaining balance of your current mortgage loan.Then you will need However, if your loan interest rate is currently high and you've held it for quite a few years, you may be able to reach your goals without an increase in your mortgage payment.
Consolidating Your Debt
Do you want to pull out some of your equity to consolidate other debt? Great plan! If you have the home equity to make it work, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars per month.
Getting a Shorter Term Loan
Are you wanting to fatten your home equity faster, and pay off your mortgage loan sooner? If this is your goal, your refinance mortgage can move you to a mortgage program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity faster, even though your payments will likely be bigger than you have been paying. However, if you have held your existing 30-year loan for a long time and the remaining balance is somewhat low, you might be able to do this without increasing your monthly payment — you might even be able to save! To help you understand your options and the many benefits in refinancing, please contact us at 3038627760. We are here for you.
Want to know more about refinancing? Call us: 3038627760.