Which Refinancing Loan Program is Best for You?

The number of refinance options available to borrowers can be overwhelming. Contact us at 7209331025 and we'll work with you to qualify you for the right loan program for your financial needs. There are several things to have in mind as you look at your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you set the low interest rate for the life of your mortgage. If you expect to live in your home for at least five more years, a fixed-rate loan may be a particulary good choice for you. On the other hand, if you do see yourself selling your home in the near future, an ARM with a small initial rate could be the best way to reduce your monthly payment.

Getting Out some Cash

Are you planning to cash out some of your home equity in your refinance? It could be you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you want to look for a loan for more than the balance remaining on your current mortgage loan.So you'll You'll want to find a loan for more than the remaining balance on your current mortgage in that case. However, if your mortgage rate is high now and you've held it for quite a few years, you could be able to achieve your goals without a rise in your mortgage payment.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you have the equity in your home to make it work, taking care of other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars per month.

Paying it off Faster

Do you plan to build up equity quicker, and have your mortgage paid off more quickly? If this is your wish, the refinance mortgage can move you to a mortgage program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity more quickly, even though your mortgage payments will generally be higher than you have been paying. However, if you've held your current thirty year mortgage loan for a long time and the remaining balance is somewhat low, you may be able to do this without raising your mortgage payment — it's even possible to save! To help you determine your options and the numerous benefits in refinancing, please contact us at 7209331025. We are here for you.

Want to know more about refinancing your home? Call us: 7209331025.