Refinancing: Which Program is for You?

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There are not as many refinance loan options as there are borrowers, but sometimes it feels like it! Contact us at 2039758552 and we can match you with the loan program that best fits you. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Lowering Your Payments

Are getting reduced mortgage payments and an improved rate your main refinance goals? In that case, a good choice might be a low fixed-rate loan. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are not planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise choice. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced mortgage payments.

Getting Out some Cash

Are you planning to cash out some of your equity in your refinance? Maybe you're dreaming of a cruise; you need to pay college tuition for your child; or you plan to renovate your home. Then you need to qualify for a loan higher than the balance remaining of your current mortgage.So you want to qualify for a loan for a bigger amount than the remaining balance on your existing mortgage loan. If you've had your existing mortgage loan for quite a while and/or have a mortgage with a high interest rate, you may be able to do this without making your mortgage payment higher.

Debt Consolidation

Do you want to cash out some of your home equity to consolidate other debt? Yes you can! If you have the home equity to make it work, paying off other high interest debt (such as home equity loans, student loans, or credit cards) means you can possible save hundreds of dollars monthly.

Paying it off Faster

Are you hoping to fatten up your equity faster, and get your mortgage paid off sooner? Then, you'll need to look into refinancing to a short term mortgage - such as a fifteen-year loan. The mortgage payments will likely be more than with your long-term mortgage loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. However, if you have had your existing 30 year loan for a long time and the remaining balance is somewhat low, you might be do this without raising your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at 2039758552. We can help you reach your goals!

Want to know more about refinancing your home? Give us a call at 2039758552.