Which Refinancing Option is Right for You?
There are not as many loan programs as there are borrowers, but it seems like it at times! Call us at 8014134570 and we can match you with the loan program that best fits you. surveying your choices, you can think about what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are getting better monthly payments and an improved rate your main reasons for refinancing? If so, getting a low, fixed-rate loan may be a good option for you. Perhaps you are currently in a loan with a high, fixed interest rate, or a loan 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 are planning to stay in your home for at least five more years, a fixed-rate loan may be an especially good choice for you. On the other hand, if you do see yourself moving in the near future, an ARM mortgage with a small initial rate could be the ideal way to lower your monthly payment.
Getting Out some Cash
Are you refinancing mainly to "cash out" some home equity? Maybe you need to update your kitchen, pay your child's college tuition bill, or take your dream vacation. So you'll want to apply for a loan above the remaining balance of your existing mortgage loan.So you'll want to find a loan program for a bigger amount than the remaining balance on your current mortgage. If you've had your existing mortgage for quite a while and/or have a mortgage with high interest, you may be able to do this without making your mortgage payment bigger.
Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have any higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have the home equity built up to make it work.
Getting a Shorter Term Loan
Are you wanting to fatten up your home equity faster, and pay off your mortgage sooner? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your payments will probably be more 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 quicker. Conversely, if your existing longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you understand your options and the numerous benefits in refinancing, please contact us at 8014134570. We can help you reach your goals!
Want to know more about refinancing your home? Give us a call at 8014134570.