Refinancing: Which Loan Program is for You?

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There are not as many loan programs as there are borrowers, but sometimes it feels like it! Call us at 2815651246 and we will match you with the refinance program that is best for your needs. There are several questions to ask yourself while you look at your choices.

Lowering Your Payments

Are achieving better mortgage payments and an improved rate your main refinance goals? In that case, a good choice could be a low fixed-rate loan. Perhaps you now have a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are planning to live in your home for about five more years, a fixed rate loan may be an especially good option for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate to get lower monthly payments.

Refinancing to Cash Out

Are you planning to cash out some of your equity with your refinance? It could be you want to make home improvements, take care of your college kid's tuition, or take your dream vacation. Then you want to get a loan for more than the remaining balance on your existing mortgage.Then you'll You will need to apply for a loan for a higher amount than the remaining balance on your current mortgage in that case. You might not have an increase in your mortgage payemnt, however, if you've had your current loan for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Do you want to pull out some home equity to consolidate other debt? Yes you can! If you hold any debt with steep interest (such as credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough equity.

Paying it off Faster

Are you dreaming of paying off your loan more quickly, while building up your equity quicker? Then, you'll want to find out about refinancing to a short term mortgage - like a fifteen-year loan. You will be paying less interest and growing your home equity more quickly, even though your mortgage payments will usually be higher than they were. But, you might be able to make the change without a higher monthly mortgage payment if your long term mortgage was closed a while ago, and the remaining balance is small. You could even pay less! To help you understand your options and the many benefits of refinancing, please contact us at 2815651246. We are here for you.

Want to know more about refinancing? Give us a call: 2815651246.