Refinancing: Which Program is for You?
There are an enormous number of refinancing programs available to borrowers. Call us at 4054206125 and we can match you with the loan program that fits you best. surveying your options, you can list your goals for the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This is especially a good option if you don't think you'll be selling your home within the next five years or so. However, an ARM with a initial low payment could be a smarter way to lower your mortgage payments if you expect to move in the next few years.
Is your refinance goal primarily to pull out some equity for an infusion of cash? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you are updating your kitchen. So you need to qualify for a loan higher than the balance remaining on your existing mortgage loan.Then you will You'll need to find a loan for a bigger amount than the current balance on your present mortgage in this case. You might not have an increase in your monthly payemnt, however, if you've had your current loan for a while, and/or your interest rate is high.
Consolidating Your Debt
Do you want to pull out some of your home equity to consolidate additional debt? Yes you can! If you have built up some home equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash each month.
Getting a Shorter Term Loan
Are you hoping to fatten up your equity faster, and get your mortgage paid off more quickly? You should consider refinancing to a short-term loan, like a 15-year mortgage. You will be paying less interest and increasing your home equity more quickly, although your monthly payments will usually be bigger than they were. But, you might be able to switch without a higher monthly payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You may even make it lower! To help you understand your options and the many benefits of refinancing, please contact us at 4054206125. We are here for you.
Curious about refinancing? Call us at 4054206125.