Which Refinancing Option is Best for You?
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There are not as many refinance loan programs as there are applicants, but sometimes it feels like it! Call us at 5036903088 and we will match you with the refinance program that best fits you. In the interest of looking at your choices, you can determine what you want to achieve with your refinance.
Making Your Payments Lower
Are getting reduced monthly payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan could be a wise option for you. Perhaps you now hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the rate of interest varies. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage loan, even when interest rates rise. If you are planning to live in your home for about five more years, a fixed rate loan may be an especially good choice for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate to get reduced monthly payments.
Refinancing to Cash Out
Is "cashing out" your main reason for your refinance? Perhaps you're going on a much needed vacation; you have to pay college tuition for your child; or you are updating your kitchen. So you will want to find a loan for more than the remaining balance on your existing mortgage.Then you want You may not have an increase in your mortgage payment, though, if you have had your existing mortgage for a long time, and/or your loan interest rate is high.
Consolidating Your Debt
Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have a fair amount of home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a chunk of cash each month.
Building up Equity More Quickly
Are you planning to fatten your home equity faster, and get your mortgage paid off more quickly? Consider refinancing with a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, even though your monthly payments will usually be bigger than you were paying. Conversely, if your current long-term mortgage loan has a small balance remaining, and was closed a while ago, you may be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at 5036903088. We would love to help you reach your goals!
Curious about refinancing? Give us a call at 5036903088.