Refinancing: Which Program is for You?

There are an enormous number of refinancing options available to borrowers. We can help you select the refinance loan program that will fit your financial situation the best. Contact us at 2068614987 to get things started. In the interest of looking at your options, you can think about what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are achieving lower payments and a lower rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal option for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you close a fixed rate mortgage, you lock in that low interest rate for the term of your loan. A fixed-rate mortgage is especially a good choice if you don't think you'll be moving within the next 5 years or so. However, an ARM with a low intitial payment may be a wiser way to lower your mortgage payments if you see yourself moving in the next few years.

Getting Out some Cash

Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Your house needs new carpet; your daughter has been accepted to University and needs tuition; or you are taking your family on a cruise. So you'll need to get a loan higher than the balance remaining on your present mortgage loan.So you You will be looking for a loan for more than the balance remaining on your existing mortgage in that case. However, if your loan interest rate is currently high and you have held it for quite a few years, you could be able to achieve your goals without making your mortgage payments bigger.

Consolidating Debt

Do you want to cash out some equity to consolidate additional debt? Great plan! If you have enough equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might help save you a lot of money each month.

Paying it off Faster

Are you hoping to fatten up your home equity faster, and pay off your mortgage loan sooner? If this is your hope, your refinance can switch you to a mortgage loan program with a short, like a 15 year loan. Even though your mortgage payments will usually be more, you can save on interest; so your equity amount will rise up faster. But, you could be able to switch without a bigger monthly payment if your longer term mortgage was closed a while back, and the balance remaining is somewhat low. You may even pay less! To help you understand your options and the multiple benefits of refinancing, please call us at 2068614987. We are here for you.

Want to know more about refinancing? Give us a call at 877-876-1618.