Which Refinancing Program is Best for You?

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Even though it seems like it at times, there aren't as many loan programs as there are borrowers! Contact us at 7045420820 and we can work with you to qualify you for the right refinance loan program for your needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are achieving better monthly payments and a better rate your main reasons for refinancing? Then a low, fixed rate loan may be the best option for you. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the loan, even if interest rates rise. If you are not planning on moving in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good option. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. So you need to get a loan for more than the remaining balance of your present mortgage.So you will You will need to apply for a loan for more than the remaining balance of your current mortgage in that case. You might not increase your mortgage payemnt, though, if you have had your current loan for a long time, and/or your interest rate is high.

Consolidating Debt

Do you want to cash out some equity to consolidate other debt? Yes you can! If you have some debt with high interest (like credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.

Paying it off Sooner

Are you dreaming of paying your loan off faster, while beefing up your equity more quickly? Then, you need to look into refinancing to a short term mortgage loan - such as a fifteen-year loan. Your mortgage payments will likely be more than they were with the long-term loan, but the pay-off is: you will pay substantially less interest and can build up equity quicker. On the other hand, if your existing long-term loan has a low balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you figure out your options and the many benefits of refinancing, please call us at 7045420820. We are here for you.

Curious about refinancing? Call us: 7045420820.