Choosing a Refinancing Program
When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than borrowers! Contact us at 8037793638 and we can help you qualify for the perfect refinance program to fit your needs. What are your goals for refinancing? Considering in mind the information below will help you begin your decision process.
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 right choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't planning a move in the near future (about five years), a fixed-rate mortgage can especially be a wise choice. However, an ARM with a initial low payment may be a wiser way to lower your mortgage payments if you plan on moving in the next few years.
Are you wanting to cash out some of your home equity in your refinance? Maybe you're planning a special vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. In this case, you'll need to look for a loan higher than the remaining balance of your present mortgage loan.In that case, you'll You'll be looking for a loan for more than the current balance on your present mortgage in that case. You may not have an increase in your mortgage payemnt, though, if you've had your existing mortgage for a number of years, and/or your interest rate is high.
Consolidating Your Debt
Do you hold other debt, maybe with higher interest, that you'd like to consolidate? If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars monthly.
Paying it off Sooner
Are you dreaming of paying your loan off faster, while beefing up your equity more quickly? Then, you want to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity more quickly, although your payments will likely be more than they were. However, if you've had your current 30 year mortgage for a long time and the remaining balance is relatively low, you could be do this without raising your mortgage payment — you could even be able to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 8037793638. We are here for you.
Want to know more about refinancing your home? Give us a call at 8037793638.