Choosing a Refinancing Program
The huge number of refinance options available is truly breathtaking. Contact us at (888) 299-4585 and we will match you with the refinance program that fits you best. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good option for you. Perhaps you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — in which the interest rate varies. Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you are planning to stay in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get reduced payments.
Are you refinancing mainly to pull out some equity for an infusion of cash? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you will want to get a loan above the remaining balance of your current mortgage.So you will want If you've had your current mortgage loan for quite a while and/or have a loan with a high interest rate, you may be able to do this without making your mortgage payment higher.
Consolidating Your Debt
Maybe you'd like to pull out some of the equity (cash out) to put toward other debt. If you have built up some equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) may be able to save you a lot of money every month.
Building up Equity Faster
Are you wanting to fatten up your home equity faster, and get your mortgage paid off sooner? In that case, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year loan. The monthly payments will likely be higher than with the longer term mortgage, but in exchange, you will pay considerably less interest and can build up equity more quickly. However, if you have had your existing thirty-year loan for a long time and the loan balance is rather low, you might be do this without raising your monthly payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at (888) 299-4585. We can help you reach your goals!
Want to know more about refinancing your home? Call us at (888) 299-4585.