Which Refinancing Program is Best for You?
There are not as many loan program choices as there are applicants, but sometimes it seems like it! We can help you choose the loan program that can fit your situation the best. Call us at 7133252099 to get things started. There are some general questions to ask yourself while you review your options.
Lowering Your Payments
Are achieving reduced mortgage payments and a lower rate your main refinance goals? In that case, applying for a low, fixed-rate loan may be a wise option for you. Maybe you are now in a loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the mortgage loan, even if interest rates rise. If you are expecting to stay in your home for about five more years, a fixed rate loan may be a particulary good option for you. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower mortgage payments.
Getting Out some Cash
Are you hoping to cash out some of your equity in your refinance? Your house needs updating; your son has been accepted to college and needs tuition money; or you have a special family vacation planned. So you will want to get a loan higher than the balance remaining of your existing mortgage.With this goal, you'll want If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Consolidating Your Debt
Maybe you'd like to pull out some of the home equity (cash out) to use toward other debt. If you have the home equity for it, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars in your monthly budget.
Switching to a Shorter Term Loan
Are you wanting to fatten up your home equity faster, and pay off your mortgage more quickly? In that case, you want to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. The monthly payments will probably be more than they were with the longer term loan, but in exchange, that you will pay considerably less interest and can build up equity more quickly. On the other hand, if your current long-term mortgage has a small remaining balance, and was closed a while ago, you could be able to make the move without paying more each month. To help you determine your options and the numerous benefits of refinancing, please call us at 7133252099. We would love to help you reach your goals!
Curious about refinancing? Give us a call at 7133252099.