Selecting a Refinancing Option

When you are overwhelmed with all the options, it may seem like there are even more loan programs than borrowers! Contact us at 8037793638 and we can match you with the loan program that is best for your needs. surveying your choices, you need to determine what you want to achieve with your refinance.

Making Your Payments Lower

Are achieving better payments and an improved rate your main refinance goals? In that case, applying for a low, fixed-rate loan could be a good option for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even if rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you set that low rate for the term of your loan. If you expect to live in your home for about five more years, a fixed rate mortgage may be a particulary good choice for you. However, an ARM with a low intitial payment may be a smarter way to lower your payments if you see yourself moving in the near future.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? Perhaps you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are planning some home improvements. Then you'll need to find a loan above the remaining balance of your present mortgage.So you will need You might not have an increase in your monthly payemnt, though, if you have had your existing loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you have other debt, perhaps with a high interest rate, that you'd like to consolidate? If you have enough home equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a chunk of cash every month.

Paying it off Sooner

Do you plan to build up home equity quicker, and pay off your mortgage sooner? In that case, you'll want to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your equity faster, even though your monthly payments will likely be more than they were. But, you might be able to make the change without a higher monthly payment if your long term loan was closed a while back, and the balance remaining is low. You could even pay less! To help you figure out your options and the many benefits of refinancing, please contact us at 8037793638. We are here for you.

Want to know more about refinancing? Give us a call at 8037793638.