Selecting a Refinancing Loan

The number of refinance options available to borrowers can be overwhelming. We can help you locate the loan program that will fit your situation the best. Contact us at (800) 299-0270 to get things started. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you narrow your choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, the best choice might be a low fixed-rate loan. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set the low rate for the life of your loan. If you expect to live in your home for at least five more years, a fixed-rate loan may be an especially good fit for you. However, if you do see yourself moving in the near future, an ARM with a small initial rate may be the best way to bring down your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your home equity in your refinance? Your house needs improvements; your son has been accepted to college and needs tuition; or you are taking your family on a cruise. With this in mind, you want to get a loan above the remaining balance of your present mortgage.With this goal, you need However, if your loan interest rate is high now and you have held it for quite a few years, you may be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Your Debt

Maybe you'd like to cash out some of the equity (cash out) to use toward other debt. If you have the home equity for it, paying off other high interest debt (for example: credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars in your monthly budget.

Building up Equity Faster

Do you want to build up home equity more quickly, and have your mortgage paid off faster? If this is your plan, your refinance can switch you to a loan program with a short, for example: a 15 year loan. Although your mortgage payment amount will usually be increased, you will be paying less interest; so your equity will build up faster. Conversely, if your current longer term mortgage has a small balance remaining, and was closed a number of years ago, you could be able to make the change without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (800) 299-0270. We are here for you.

Curious about refinancing your home? Give us a call at (800) 299-0270.

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