Refinancing: Which Option is for You?

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There aren't as many loan program choices as there are borrowers, but it seems like it sometimes! Contact us at 8047689519 and we will match you with the refinance loan program that fits you best. What are your reasons for refinancing? Considering in mind the information below will help you begin your decision process.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? In that case, a good option could be a low fixed-rate loan. Maybe you currently have a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Even if rates get higher later, unlike with your ARM, when you close a fixed rate mortgage, you set that low rate for the life of your mortgage. This kind of loan is especially a good choice if you aren't expecting a move within the next five years or so. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get reduced mortgage payments.

Getting Out some Cash

Are you wanting to cash out some of your equity with your refinance? It could be you need to pay for home improvements, pay your child's college tuition bill, or take your dream vacation. So you'll want to get a loan above the balance remaining of your current mortgage loan.In this case, you'll want to need to get a loan for a higher number than the remaining balance on your present mortgage. However, if your loan interest rate is high now and you have held it for quite a few years, you could be able to accomplish your goals without making your mortgage payments bigger.

Debt Consolidation

Perhaps you want to cash out some equity (cash out) to put toward other debt. If you have a fair amount of home equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a lot of cash each month.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while building up your home equity faster? In that case, you need to look into refinancing to a short term mortgage loan - such as a fifteen-year loan. The payments will probably be more than they were with a long-term loan, but in exchange, you will pay considerably less interest and will build up equity quicker. But, you might be able to switch without much increase in your monthly mortgage payment if your long term mortgage loan was closed a while ago, and the remaining balance is low enough. You could even pay less! To help you determine your options and the many benefits of refinancing, please contact us at 8047689519. We would love to help you reach your goals!

Want to know more about refinancing your home? Call us: 8047689519.