Selecting a Refinancing Program

There are an enormous number of refinancing options available to borrowers. Call us at 754-202-4376 and we will work with you to qualify you for the perfect refinance loan program for your financial situation. There are some general questions to ask yourself as you review the choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan might be a good choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest varies. Even as interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a wise choice if you aren't planning a move within the next five years or so. On the other hand, if you can see yourself moving within several years, an ARM mortgage with a small initial rate could be the best way to reduce your monthly payment.

Refinancing to Cash Out

Is "cashing out" your main reason for your refinance? Your house needs new carpet; your daughter has been accepted to University and needs tuition; or you are taking your family on a cruise. So you will need to find a loan higher than the balance remaining of your present mortgage loan.With this goal, you need You might not have an increase in your mortgage payemnt, though, if you have had your current mortgage for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you hold any debt with high interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Getting a Shorter Term Loan

Are you wanting to fatten your equity faster, and pay off your mortgage loan more quickly? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year mortgage loan. Even though your mortgage payment amount will usually be more, you can be paying less interest; so your equity amount will rise up faster. On the other hand, if your current longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the move without paying more each month. To help you determine your options and the numerous benefits in refinancing, please call us at 754-202-4376. We will help you reach your goals!

Want to know more about refinancing your home? Call us at 754-202-4376.

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