Refinancing: Which Program is for You?
There are a huge number of refinancing options available to borrowers. We can guide you to choose the loan program that will fit your financial situation the best. Call us at 3217777277 to get started. surveying your options, you'll need to think about what you want to achieve with the refinance.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal option for you. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set the low interest rate for the life of your loan. This is particularly a wise option if you aren't expecting a move within the next 5 years or so. On the other hand, if you do see yourself moving within the next few years, an adjustable rate mortgage with a small initial rate might be the ideal way to reduce your monthly payments.
Refinancing to Cash Out
Are you planning to cash out some of your home equity with your refinance? It could be you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. So you want to get a loan for more than the balance remaining of your present mortgage.So you need You may not increase your mortgage payemnt, though, if you've had your current mortgage for a while, and/or your loan interest rate is high.
Consolidating Your Debt
Maybe you'd like to pull out some of the home equity (cash out) to put toward other debt. If you hold any debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have the right amount of equity.
Paying it off Sooner
Are you hoping to fatten your home equity faster, and get your mortgage paid off sooner? You should consider refinancing to a shorterterm loan, like a 15-year mortgage. You will be paying less interest and increasing your home equity faster, although your payments will likely be more than they were. On the other hand, if your current long-term mortgage has a small balance remaining, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at 3217777277. We would love to help you reach your goals!
Want to know more about refinancing? Call us: 3217777277.