Selecting a Refinancing Program
The huge number of refinance options available is truly breathtaking. We can guide you to choose the loan program that will fit your financial situation the best. Contact us at 5626935048 to get started. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, your best option 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 might want to refinance. Even when interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise choice. However, an ARM with a initial low payment may be a wiser way to reduce your monthly payments if you see yourself moving in the near future.
Refinancing to Cash Out
Is "cashing out" your main reason for refinancing? Perhaps you want to make home improvements, pay your child's college tuition bill, or take a cruise. Then you want to get a loan for more than the balance remaining of your current mortgage loan.In this case, you will You'll want to find a loan for more than the current balance on your existing mortgage in that case. However, if your interest rate is high now and you've held it for a long time, you may be able to reach your goals without an increase in your mortgage payment.
Do you have other debt, maybe with high interest, that you want to consolidate? If you have enough home equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) could help save you a lot of cash each month.
Getting a Shorter Term Loan
Do you hope to build up equity quicker, and have your mortgage paid off faster? In that case, you'll want to look into refinancing to a short term mortgage - such as a fifteen-year loan. You will be paying less interest and growing your home equity faster, even though your mortgage payments will likely be higher than you have been paying. However, if you have held your existing 30 year mortgage loan for a long time and the remaining balance is somewhat low, you might be able to do this without increasing your monthly payment — you might even be able to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 5626935048. We can help you reach your goals!
Want to know more about refinancing your home? Give us a call at 5626935048.