Which Refinancing Program is Right for You?

The huge number of refinance options available can be overwhelming. Contact us at (800) 299-0270 and we will help you qualify for the perfect loan program for your needs. In the interest of looking at your options, you can consider your goals for the refinance.

Reducing Your Monthly Payments

Are achieving reduced monthly payments and an improved rate your main reasons for refinancing? In that case, applying for a low, fixed-rate loan might be a good choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set the low interest rate for the life of your loan. If you are not expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can particularly be a great option. However, if you do see yourself moving within several years, an adjustable rate mortgage with a low initial rate may be the ideal way to reduce your monthly payment.

Cashing Out

Is your refinance goal mainly to pull out some home equity for an infusion of cash? Your house needs updating; your daughter has gone to University and needs tuition; or you are planning a special vacation. With this in mind, you will need to apply for a loan above the remaining balance on your current mortgage loan.With this goal, you will You will be looking for a loan for a bigger amount than the remaining balance of your current mortgage loan in this case. You may not have an increase in your monthly payemnt, though, if you've had your current mortgage for a number of years, and/or your interest rate is high.

Consolidating Debt

Maybe you want to pull out some equity in your home (cash out) to put toward other debt. If you have enough home equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a chunk of cash every month.

Paying it off Sooner

Are you dreaming of paying your loan off faster, while beefing up your home equity faster? If this is your goal, the refinance mortgage can change you to a loan program with a short, such as a 15 year loan. Although your monthly payment amount will usually be more, you will save on interest; so your equity amount will rise up faster. But, you may be able to make the change without much increase in your monthly payment if your long term mortgage was closed a while back, and the balance remaining is low enough. You may even make it lower! To help you figure out your options and the numerous benefits of refinancing, please call us at (800) 299-0270. We are here to help you reach your goals!

Want to know more about refinancing your home? Call us at (800) 299-0270.

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