Selecting a Refinancing Program
There are an enormous number of refinancing options available to borrowers. We can help you locate the refinance program that can fit your financial situation the best. Call us at (317) 288-9434 to get things started. There are several questions to ask yourself while you consider your choices.
Reducing Your Monthly Payments
Are getting reduced monthly payments and a lower rate your main refinance goals? In that case, a good choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates get higher later, unlike with your ARM, when you close a fixed rate mortgage, you lock in that low rate for the life of your mortgage. If you aren't expecting to move in the near future (about 5 years), a fixed-rate mortgage can especially be a great loan option. However, if you can see yourself selling your home in the near future, an adjustable rate mortgage with a small initial rate could be the best way to bring down your monthly payments.
Getting Out some Cash
Is your refinance goal mainly to pull out some home equity for an infusion of cash? Your home needs updating; your daughter has been accepted to University and needs tuition money; or you are planning a special vacation. In this case, you want to get a loan above the remaining balance of your present mortgage loan.With this goal, you'll want If you've had your existing mortgage for a long time and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.
Do you want to cash out a portion of your equity to consolidate additional debt? Good plan! If you have any higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.
Paying it off Faster
Are you dreaming of paying off your loan more quickly, while building up your equity quicker? In that case, you need to look into refinancing to a short term mortgage - like a fifteen-year mortgage loan. The mortgage payments will probably be higher than they were with the longer term loan, but the pay-off is: that you will pay considerably less interest and will build up equity more quickly. On the other hand, if your existing longer term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at (317) 288-9434. We would love to help you reach your goals!
Want to know more about refinancing? Give us a call: (317) 288-9434.