Which Refinancing Program is Right for You?
There are not as many loan program choices as there are applicants, but at times it seems like it! We can help you find the loan program that will fit your situation the best. Call us at 5102009714 to get things started. There are several things to bear in mind as you review your choices.
Lowering Your Payments
Are getting lower payments and a lower rate your main reasons for refinancing? Then your best option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even as interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about five years), a fixed-rate mortgage can particularly be a good choice. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a small initial rate might be the ideal way to lower your monthly payment.
Cashing Out
Are you planning to cash out some of your home equity with your refinance? Your home needs improvements; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. With this in mind, you'll need to find a loan above the remaining balance of your existing mortgage loan.In that case, you need However, if your loan interest rate is currently high and you have held it for a long time, you may be able to achieve your goals without making your monthly payments increase.
Consolidating Debt
Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you own some debt with high interest (like credit cards or car loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have the equity built up to make it work.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off sooner, while building up your equity quicker? Then, you'll want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage loan. Although your mortgage payment amount will usually be more, you will be paying less interest; so your home equity will rise up faster. Conversely, if your current longer term mortgage has a small balance remaining, and was closed a while ago, you may even be able to make the change without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at 5102009714. We are here for you.
Want to know more about refinancing? Give us a call at 5102009714.