Refinancing: Which Loan Program is for You?

There are not as many loan program choices as there are borrowers, but it seems like it sometimes! Call us at 4086261879 and we will match you with the loan program that is best for you. In order to review your choices, you should consider what you want to achieve with your refinance.

Making Your Payments Lower

Are achieving reduced monthly payments and a better rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage, even if interest rates rise. If you are expecting to live in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Getting Out some Cash

Are you refinancing mainly to "cash out" some home equity? It could be you need to pay for home improvements, pay your child's college tuition bill, or go on a special family vacation. In this case, you will want to find a loan higher than the remaining balance on your existing mortgage loan.Then you'll want to need to qualify for a loan for a higher amount than the remaining balance on your present mortgage loan. However, if your mortgage rate is currently high and you have held it for a long time, you may be able to accomplish your goals without a rise in your mortgage payment.

Consolidating Your Debt

Do you hold other debt, maybe with higher interest, that you'd like to consolidate? If you have a fair amount of equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a lot of money each month.

Getting a Shorter Term Loan

Are you wanting to fatten your home equity faster, and pay your mortgage off sooner? Then, you want to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage program. Although your monthly payment amount will likely be more, you can save on interest; so your equity amount will rise up faster. However, if you have had your existing thirty year mortgage loan for a number of years and the remaining balance is rather low, you may be able to do this without raising your mortgage payment — you might even be able to save! To help you figure out your options and the multiple benefits in refinancing, please call us at 4086261879. We are here for you.

Curious about refinancing? Give us a call at 4086261879.

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