Choosing a Refinancing Program
The number of refinance options available to borrowers can be overwhelming. We can guide you to choose the refinance program that can fit your situation the best. Call us at (888) 299-4585 to get things started. surveying your choices, you'll need to determine what you want to achieve with your refinance.
Lowering Your Payments
Are getting reduced payments and an improved rate your main refinance goals? In that case, the best choice might be a low fixed-rate loan. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you lock in the low rate for the life of your loan. This can be particularly a wise idea if you don't think you'll be moving within the next 5 years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
Are you wanting to cash out some of your equity with your refinance? Maybe you need to pay for home improvements, take care of your college kid's tuition, or take a cruise. Then you'll need to apply for a loan for more than the remaining balance of your existing mortgage.Then you will You'll be looking for a loan for more than the current balance with your existing mortgage in this case. However, if your mortgage rate is currently high and you've had it for quite a few years, you could be able to accomplish your goals without making your mortgage payments increase.
Consolidating Your Debt
Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have the equity in your home for it, taking care of other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars monthly.
Building up Equity More Quickly
Do you need to build up equity more quickly, and pay off your mortgage faster? Consider refinancing with a shorterterm loan, like a 15-year mortgage. Although your monthly payment amount will likely be increased, you will save on interest; so your home equity will rise up faster. Conversely, if your current long-term loan has a small balance remaining, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you understand your options and the numerous benefits in refinancing, please contact us at (888) 299-4585. We would love to help you reach your goals!
Want to know more about refinancing your home? Call us: (888) 299-4585.