Which Refinancing Loan Program is Best for You?

There are an enormous number of refinancing programs available to borrowers. Contact us at 7184774405 and we will match you with the refinance program that best fits you. In the interest of looking at your options, you need to consider your goals for the refinance.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best choice for you. Perhaps you are currently in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a good loan option. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you expect to move in the next few years.

Getting Out some Cash

Are you refinancing mainly to pull out some of your equity for an infusion of cash? Your house needs new carpet; your son has gone to University and needs tuition money; or you have a special family vacation planned. With this in mind, you want to get a loan for more than the remaining balance of your current mortgage loan.Then you’ll You’ll need to apply for a loan for more than the remaining balance on your existing mortgage in that case. However, if your interest rate is high now and you’ve held it for a long time, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Do you want to pull out some home equity to consolidate other debt? Great plan! If you have the equity in your home to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars in your budget each month.

Building up Equity More Quickly

Are you dreaming of paying your loan off faster, while beefing up your equity quicker? Then, you need to look into refinancing to a short term mortgage loan – like a fifteen-year mortgage program. The monthly payments will likely be more than with a longer term mortgage loan, but in exchange, that you will pay considerably less interest and can build up equity quicker. However, if you’ve held your existing 30-year mortgage loan for a long time and the loan balance is relatively low, you could be do this without increasing your monthly mortgage payment — it’s even possible to save! To help you determine your options and the multiple benefits of refinancing, please call us at 7184774405. We are here for you.

Curious about refinancing your home? Call us: 7184774405

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