Selecting a Refinancing Loan

There are an enormous number of refinancing programs available to borrowers. We can guide you to find the loan program that can fit your situation the best. Call us at 7209331025 to get things started. In order to review your options, you will need to list your goals for the refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. Maybe you are now in a loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you aren't planning a move in the near future (about five years), a fixed-rate mortgage can especially be a wise option. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get reduced mortgage payments.

Getting Out some Cash

Is "cashing out" your main purpose for your refinance? It could be you want to make home improvements, take care of your college kid's tuition, or take your family on a dream vacation. In this case, you want to get a loan above the remaining balance of your current mortgage.Then you'll want to qualify for a loan program for a higher amount than the remaining balance on your current mortgage. You may not increase your mortgage payemnt, however, if you've had your existing mortgage loan for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Do you have other debt, maybe with higher interest, that you want to consolidate? If you have built up some equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) could be able to save you a chunk of money every month.

Paying it off Faster

Are you dreaming of paying your loan off faster, while building up your home equity more quickly? You should consider refinancing with a shorterterm loan, often a 15-year mortgage. Although your monthly payment amount will probably be more, you will save on interest; so your equity will build up faster. However, if you've had your existing thirty-year mortgage for a long time and the loan balance is rather low, you may be do this without raising your monthly mortgage payment — you could even be able to save! To help you understand your options and the many benefits of refinancing, please call us at 7209331025. We are here for you.

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