Selecting a Refinancing Program
The huge number of refinance options available is truly breathtaking. Contact us at 754-202-4376 and we'll work with you to qualify you for the best refinance loan to fit your financial situation. What are your reasons for your refinance loan? Keeping in mind the following will help you begin your decision process.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, your best choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even if rates come up later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in that low interest rate for the life of your loan. If you are planning to live in your home for at least five more years, a fixed rate loan may be an especially good fit for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.
Is "cashing out" your primary reason for your refinance? Your home needs updating; your daughter has gone to University and needs tuition money; or you have a special family vacation planned. Then you'll want to apply for a loan above the balance remaining on your present mortgage loan.With this goal, you'll need If you've had your current mortgage for quite a while and/or have a mortgage with a high interest rate, you may be able to do this without increasing your monthly payment.
Maybe you'd like to pull out a portion of the equity (cash out) to use toward other debt. If you have enough equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may be able to save you a chunk of cash every month.
Building up Equity Faster
Are you dreaming of paying off your loan more quickly, while beefing up your equity faster? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage. You will be paying less interest and increasing your home equity faster, although your monthly payments will usually be more than you were paying. But, you may be able to switch without a bigger monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is somewhat low. You may even pay less! To help you determine your options and the multiple benefits of refinancing, please contact us at 754-202-4376. We are here for you.
Want to know more about refinancing? Call us: 754-202-4376.