Selecting a Refinancing Program
The number of refinance options available to borrowers is truly breathtaking. Contact us at (317) 288-9434 and we'll work with you to qualify you for the best refinance program for your financial needs. surveying your choices, you need to list what you want to achieve with your refinance.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? 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 loans that you might want to refinance. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of your loan, even if interest rates rise. If you plan to live in your home for about five more years, a fixed rate loan may be a particulary good option for you. However, if you can see yourself moving before too long, an ARM mortgage with a low initial rate might be the ideal way to bring down your monthly payment.
Refinancing to Cash Out
Is "cashing out" your main reason for refinancing? It could be you want to make home improvements, pay your child's college tuition bill, or take your family on a dream vacation. So you want to find a loan above the balance remaining of your existing mortgage.With this goal, you will want However, if your loan interest rate is high now and you've had it for quite a few years, you could be able to reach your goals without making your mortgage payments increase.
Do you want to cash out a portion of your equity to consolidate additional debt? Good idea! If you have a fair amount of home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of money each month.
Switching to a Shorter Term Loan
Are you dreaming of paying off your loan more quickly, while beefing up your home equity quicker? You should consider refinancing with a short-term loan, such as a 15-year mortgage. Even though your monthly payments will likely be more, you can be paying less interest; so your home equity will build up faster. But, you may be able to make the change without a higher monthly mortgage payment if your longer term mortgage was closed a while back, and the remaining balance is somewhat low. You could even pay less! To help you determine your options and the many benefits of refinancing, please contact us at (317) 288-9434. We will help you reach your goals!
Want to know more about refinancing your home? Call us: (317) 288-9434.