Choosing a Refinancing Program
The huge number of refinance options available is truly breathtaking. We can help you find the loan program that can fit your financial situation the best. Contact us at 754-202-4376 to get started. What do you hope to achieve with your refinance loan? Considering in mind the following will help you narrow your choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? If so, the best choice may be a low fixed-rate loan. Maybe you now hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even as interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a good option if you aren't expecting a move within the next five years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.
Is "cashing out" your main reason for refinancing? Maybe you want to pay for home improvements, pay your child's college tuition bill, or take your dream vacation. So you want to get a loan for more than the remaining balance of your existing mortgage.With this goal, you need You might not increase your mortgage payemnt, however, if you've had your current mortgage loan for a long time, and/or your loan interest rate is high.
Maybe you want to cash out some of the equity in your home (cash out) to use toward other debt. If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars in your budget each month.
Getting a Shorter Term Loan
Are you planning to fatten your home equity faster, and pay off your mortgage more quickly? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. Your mortgage payments will likely be higher than with a longer term mortgage, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. On the other hand, if your existing longer term mortgage loan has a low remaining balance, and was closed a while ago, you could be able to make the switch without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at 754-202-4376. We are here to help you reach your goals!
Curious about refinancing? Call us: 754-202-4376.