Choosing a Refinancing Program

There aren't as many loan program choices as there are borrowers, but it feels like it sometimes! Call us at 7209331025 and we can help you qualify for the right loan program for your financial situation. There are several questions to ask yourself while you review the options.

Reducing Your Monthly Payments

Are getting lower monthly payments and a better rate your main refinance goals? If so, applying for a low, fixed-rate loan may be a good option for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest can vary. Even when interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for about five more years, a fixed rate mortgage may be an especially good choice for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.

Cashing Out

Are you wanting to cash out some of your home equity in your refinance? Your house needs updating; your son has gone to University and needs tuition money; or you are taking your family on a cruise. With this in mind, you'll need to apply for a loan higher than the remaining balance of your existing mortgage loan.So you will need However, if your interest rate is high now and you have held it for a long time, you may be able to achieve your goals without a rise in your mortgage payment.

Debt Consolidation

Maybe you'd like to pull out some of the home equity (cash out) to put toward other debt. If you have some higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of home equity.

Paying it off Faster

Do you plan to build up equity more quickly, and pay off your mortgage faster? If this is your plan, your refinance loan can switch you to a loan program with a shorter term, for example: a 15 year loan. The mortgage payments will likely be higher than with a long-term mortgage loan, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. On the other hand, if your existing long-term mortgage has a small balance remaining, and was closed a while ago, you might be able to make the move without paying more each month. To help you understand your options and the numerous benefits of refinancing, please contact us at 7209331025. We are here for you.

Curious about refinancing? Give us a call at 7209331025.