Which Refinancing Program is Best for You?
The huge number of refinance options available is truly breathtaking. We can guide you to select the refinance loan program that will fit your needs the best. Contact us at 7209331025 to get started. In order to review your options, you can list what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are getting lower mortgage payments and a better rate your main reasons for refinancing? If so, getting a low, fixed-rate loan could be a wise choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage, even as interest rates rise. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can especially be a good loan option. However, if you can see yourself moving in the near future, an adjustable rate mortgage with a small initial rate might be the ideal way to bring down your monthly payment.
Refinancing to Cash Out
Is your refinance goal primarily to "cash out" some home equity? It could be you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. So you will need to apply for a loan for more than the remaining balance of your current mortgage.In this case, you will want However, if your interest rate is high now and you've had it for quite a few years, you could be able to reach your goals without an increase in your mortgage payment.
Consolidating Debt
Do you want to pull out some of your home equity to consolidate additional debt? Good idea! If you have a fair amount of home equity, taking care of other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may help save you a chunk of cash each month.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off sooner, while beefing up your equity quicker? If this is your plan, your refinance can change you to a loan program with a short, like a 15 year loan. You will be paying less interest and growing your home equity faster, although your monthly payments will likely be higher than you have been paying. However, if you have had your existing thirty-year mortgage loan for a number of years and the remaining balance is relatively low, you could be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the many benefits in refinancing, please call us at 7209331025. We would love to help you reach your goals!
Want to know more about refinancing your home? Give us a call at 7209331025.