Which Refinancing Program is Best for You?

The number of refinance options available to borrowers can be overwhelming. Call us at 4058873713 and we'll help you qualify for the perfect refinance loan to fit your financial needs. There are some general questions to ask yourself as you look at the choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice could be a low fixed-rate loan. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise choice. However, an ARM with a initial low payment may be a wiser way to reduce your monthly payments if you plan on moving in the next few years.

Refinancing to Cash Out

Is your refinance goal mainly to "cash out" some home equity? Your home needs renovating; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. Then you want to get a loan higher than the balance remaining of your current mortgage loan.In that case, you want to find a loan for a bigger number than the balance remaining on your present mortgage loan. If you've had your existing mortgage for a long time and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Perhaps you'd like to cash out some of the equity in your home (cash out) to use toward other debt. If you have built up some home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a chunk of cash each month.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while building up your equity faster? Consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. The monthly payments will probably be higher than with the longer term loan, but the pay-off is: you will pay quite a bit less interest and can build up equity quicker. However, if you have held your current 30 year mortgage loan for a number of years and the loan balance is somewhat low, you could be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the numerous benefits of refinancing, please contact us at 4058873713. We are here to help you reach your goals!

Curious about refinancing? Give us a call at 4058873713.