Which Refinancing Program is Right for You?
There are an enormous number of refinancing options available to borrowers. Contact us at 8037793638 and we can work with you to qualify you for the right refinance program for your financial situation. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.
Making Your Payments Lower
Are getting lower payments and a better rate your main refinance goals? Then a low, fixed rate loan may be your best option. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage, even if interest rates rise. A fixed-rate mortgage can be especially a wise option if you don't think you'll be moving within the next 5 years or so. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower monthly payments.
Cashing Out
Are you refinancing mainly to "cash out" some home equity? Perhaps you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you plan to renovate your home. So you will want to get a loan higher than the balance remaining on your present mortgage loan.Then you want However, if your mortgage rate is high now and you've had it for quite a few years, you could be able to reach your goals without making your monthly payments higher.
Consolidating Your Debt
Maybe you'd like to cash out some of the equity (cash out) to put toward other debt. If you have a fair amount of equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a lot of money every month.
Building up Equity Faster
Are you dreaming of paying your loan off sooner, while building up your home equity quicker? Consider refinancing with a shorterterm loan, such as a 15-year mortgage. You will be paying less interest and increasing your home equity faster, although your mortgage payments will likely be more than you were paying. But, you could be able to make the change without a higher monthly payment if your long term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you determine your options and the many benefits in refinancing, please call us at 8037793638. We are here for you.
Curious about refinancing your home? Call us at 8037793638.