Which Refinancing Option is Right for You?

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There are not as many refinance loan options as there are applicants, but at times it feels like it! We can guide you to select the refinance loan program that can fit your situation the best. Contact us at 877-799-4015 to get started. There are several things to keep in mind while you look at the options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a good option could be a low fixed-rate loan. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the interest rate varies. Even if rates come up later, unlike with your ARM, when you close a mortgage with a fixed rate, you set that low interest rate for the term of your mortgage. A fixed-rate mortgage is especially a good choice if you aren't planning a move within the next five years or so. On the other hand, if you can see yourself moving before too long, an ARM with a low initial rate might be the ideal way to reduce your monthly payment.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity in your refinance? Your home needs new carpet; your daughter has been accepted to college and needs tuition; or you are taking your family on a cruise. Then you will need to get a loan for more than the remaining balance of your existing mortgage.With this goal, you'll want If you've had your existing mortgage for a long time and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Consolidating Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Great idea! If you have built up some equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a lot of cash every month.

Building up Equity Faster

Are you dreaming of paying your loan off sooner, while building up your equity faster? If this is your wish, the refinance mortgage can change you to a loan program with a short, for example: a 15 year loan. Even though your monthly payments will usually be more, you will save on interest; so your equity will build up faster. Conversely, if your existing longer term loan has a low balance remaining, and was closed a while ago, you may be able to make the change without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at 877-799-4015. We would love to help you reach your goals!

Curious about refinancing? Call us at 877-799-4015.