Selecting a Refinancing Loan

The number of refinance options available to borrowers is truly breathtaking. Contact us at (800) 299-0270 and we will work with you to qualify you for the perfect refinance loan for your needs. There are some general things to bear in mind as you look at your options.

Lowering Your Payments

Are achieving lower payments and an improved rate your main reasons for refinancing? In that case, a good option may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage loan, even as interest rates rise. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise option. However, an ARM with a initial low payment may be a wiser way to reduce your mortgage payments if you plan on moving within the near future.

Refinancing to Cash Out

Are you refinancing mainly to pull out some of your home equity for an infusion of cash? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you'll need to find a loan above the balance remaining on your existing mortgage.So you will You will be looking for a loan for more than the balance remaining with your existing home loan in this case. You may not have an increase in your monthly payemnt, though, if you've had your existing mortgage loan for a while, and/or your interest rate is high.

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: car loans, credit cards, student loans, or home equity loans) means you can save possibly several hundred dollars in your monthly budget.

Switching to a Shorter Term Loan

Are you planning to fatten up your home equity faster, and pay off your mortgage loan more quickly? If this is your goal, the refinance mortgage can move you to a mortgage program with a short, like a 15 year loan. The monthly payments will likely be more than with a long-term mortgage, but the pay-off is: that you will pay considerably less interest and can build up equity more quickly. But, you could be able to switch without much increase in your monthly payment if your long term mortgage loan was closed a while back, and the balance remaining is low enough. You may even pay less! To help you determine your options and the many benefits in refinancing, please call us at (800) 299-0270. We are here to help you reach your goals!

Curious about refinancing? Call us at (800) 299-0270.

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