Which Refinancing Program is Best for You?

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There aren't as many refinance loan options as there are applicants, but at times it seems like it! Contact us at 6085925600 and we will work with you to qualify you for the perfect loan program to fit your situation. There are several questions to ask yourself while you consider your options.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a good option for you. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Even if rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in the low interest rate for the life of your mortgage. If you plan to stay in your home for at least five more years, a fixed-rate loan may be a particularly good choice for you. However, if you can see yourself moving within the next few years, an ARM with a low initial rate could be the best way to lower your monthly payment. Refinancing can also cause your total finance charges to be more over the life of the loan.

Refinancing to Cash Out

Are you wanting to cash out some of your equity in your refinance? Your home needs improvements; your son has been accepted to University and needs tuition money; or you have a special family vacation planned. So you'll need to get a loan for more than the balance remaining of your current mortgage loan.So you want If you've had your current mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Debt Consolidation

Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you can save possibly several hundred dollars in your monthly budget.

Getting a Shorter Term Loan

Do you hope to build up home equity quicker, and have your mortgage paid off more quickly? Then, you need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and increasing your home equity faster, although your monthly payments will likely be more than they were. However, if you've held your current thirty-year loan for a number of years and the loan balance is rather low, you may be able to do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please call us at 6085925600. We are here for you.

Curious about refinancing your home? Give us a call at 6085925600.

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