Selecting a Refinancing Program
When you are overwhelmed with so many choices, it may seem like there are even more refinance loan programs than applicants! Contact us at 3172889434 and we will match you with the loan program that is best for your needs. There are several questions to ask yourself as you look at your options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you set the low interest rate for the term of your loan. If you are expecting to live in your home for about five more years, a fixed rate mortgage may be a particulary 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 reduced monthly payments.
Refinancing to Cash Out
Is "cashing out" your main reason for refinancing? Perhaps you're planning a special vacation; you have to pay college tuition for your child; or you are updating your kitchen. Then you need to get a loan higher than the balance remaining of your existing mortgage loan.So you will need You might not have an increase in your mortgage payemnt, however, if you have had your current mortgage loan for a while, and/or your interest rate is high.
Do you hold other debt, maybe with higher interest, that you want to consolidate? If you have some higher interest debts (like credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the right amount of equity.
Switching to a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, often a 15-year mortgage loan. Your monthly payments will probably be more than with a longer term loan, but in exchange, that you will pay substantially less interest and can build up equity more quickly. However, if you've had your existing thirty year mortgage for a long time and the loan balance is relatively low, you might be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please contact us at 3172889434. We are here to help you reach your goals!
Curious about refinancing your home? Call us at 3172889434.