Choosing a Refinancing Loan

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There aren't as many loan program choices as there are borrowers, but it seems like it sometimes! Call us at 5596747669 and we will help you qualify for the perfect refinance program to fit your situation. In order to review your choices, you will need to list your goals for the refinance.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan may be a good choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. However, an ARM with a low intitial payment could be a wiser way to lower your mortgage payments if you plan on moving within the near future.

Getting Out some Cash

Are you refinancing primarily to pull out some equity for an infusion of cash? Perhaps you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. In this case, you'll want to find a loan above the remaining balance of your present mortgage loan.So you'll need However, if your loan interest rate is high now and you've held it for a long time, you may be able to achieve your goals without making your monthly payments increase.

Debt Consolidation

Maybe you'd like to pull out a portion of the home equity (cash out) to put toward other debt. If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars each month.

Building up Equity More Quickly

Do you hope to build up equity quicker, and pay off your mortgage faster? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Even though your mortgage payment amount will usually be increased, you can be paying less interest; so your equity amount will rise up faster. On the other hand, if your existing long-term mortgage loan has a small remaining balance, and was closed a while ago, you may even be able to make the move without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call us at 5596747669. We are here for you.

Want to know more about refinancing your home? Give us a call at 5596747669.