Refinancing: Which Program is for You?
When you are overwhelmed with all the options, it may seem as if there are even more refinance loan programs than applicants! We can help you choose the loan program that can fit your needs the best. Contact us at 4086261879 to get started. surveying your choices, you will need to list what you want to achieve with the refinance.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the best option for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even if rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in the low rate for the term of your mortgage. If you plan to live in your home for about five more years, a fixed-rate loan may be a particulary good fit for you. 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 payments.
Refinancing to Cash Out
Is "cashing out" your main reason for your refinance? Your home needs renovating; your daughter has gone to college and needs tuition; or you are planning a special vacation. So you will want to find a loan for more than the balance remaining on your existing mortgage loan.In that case, you want to find a loan for a higher amount than the remaining balance on your present mortgage loan. If you've had your existing mortgage loan for quite a while and/or have a mortgage with a high interest rate, you might\could be able to do this without increasing your mortgage payment.
Do you want to pull out some equity to consolidate additional debt? Yes you can! If you hold any debt with high interest (like credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of equity.
Building up Equity More Quickly
Are you dreaming of paying your loan off sooner, while beefing up your equity quicker? In that case, you need to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your home equity more quickly, although your mortgage payments will likely be bigger than you have been paying. However, if you've had your current thirty-year loan for a long time and the loan balance is somewhat low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please call us at 4086261879. We are here for you.
Want to know more about refinancing? Call us at 4086261879.