Which Refinancing Option is Best for You?

There are not as many loan options as there are borrowers, but sometimes it seems like it! Contact us at 3172889434 and we will match you with the refinance program that is ideal for your needs. In the interest of looking at your options, you can consider what you want to achieve with your refinance.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan might be a wise option for you. Perhaps you now have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if interest rates rise, a fixed-rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you are planning to live in your home for at least five more years, a fixed rate loan may be an especially good option for you. However, an ARM with a low intitial payment may be a better way to reduce your payments if you see yourself moving in the near future.

Cashing Out

Are you refinancing primarily to pull out some of your equity for an infusion of cash? Perhaps you're planning a special vacation; you need to pay college tuition for your child; or you plan to renovate your home. Then you'll want to find a loan for more than the remaining balance on your current mortgage.With this goal, you'll You'll want to get a loan for more than the balance remaining with your present mortgage in this case. You may not increase your mortgage payemnt, however, if you have had your current mortgage loan for a while, and/or your interest rate is high.

Consolidating Debt

Do you have other debt, maybe with higher interest, that you want to consolidate? If you have a fair amount of home equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) may help save you a lot of cash each month.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan sooner, while building up your equity more quickly? In that case, you'll need to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage loan. You will be paying less interest and growing your equity faster, although your mortgage payments will generally be higher than you have been paying. On the other hand, if your current longer term mortgage has a small balance remaining, and was closed a while ago, you may even be able to make the switch without paying more each month. To help you understand your options and the multiple benefits of refinancing, please contact us at 3172889434. We will help you reach your goals!

Curious about refinancing your home? Call us at 3172889434.

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