Refinancing: Which Option is for You?
When you are overwhelmed with so many options, it may seem as if there are even more refinance loan programs than applicants! We can guide you to find the loan program that will fit your financial situation the best. Contact us at 3032282254 to get things started. In the interest of looking at your options, you will need to list your goals for your refinance.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the ideal option for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even if interest rates rise. This can be particularly a good choice if you aren't planning a move within the next five years or so. On the other hand, if you can see yourself moving in the near future, an adjustable rate mortgage with a low initial rate may be the best way to bring down your monthly payment.
Is "cashing out" your main reason for refinancing? Perhaps you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. In this case, you will want to qualify for a loan for more than the balance remaining of your existing mortgage.So you want If you've had your current mortgage loan for quite a while and/or have a mortgage whose interest rate is high, you may be able to do this without making your monthly payment higher.
Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you have the equity in your home to make it work, paying off other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars each month.
Paying it off Faster
Are you dreaming of paying off your loan faster, while beefing up your home equity faster? Then, you'll want to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. You will be paying less interest and growing your equity more quickly, even though your monthly payments will usually be higher than you were paying. Conversely, if your existing longer term mortgage has a small remaining balance, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you determine your options and the multiple benefits in refinancing, please call us at 3032282254. We are here for you.
Curious about refinancing? Call us: 3032282254.