Selecting a Refinancing Loan

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Although it seems like it at times, there aren't as many refinance loan choices as there are applicants! Call us at 8102296669 and we will match you with the loan program that is ideal for you. surveying your options, you should list what you want to achieve with the refinance.

Making Your Payments Lower

Are getting better monthly payments and an improved rate your main refinance goals? Then your best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the loan, even when interest rates rise. A fixed-rate mortgage can be particularly a good option if you don't think you will move within the next 5 years or so. On the other hand, if you do see yourself selling your home before too long, 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? It could be you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you'll need to qualify for a loan above the remaining balance of your current mortgage loan.Then you will need If you've had your current mortgage for a number of years and/or have a mortgage loan with high interest, you might\could be able to do this without making your mortgage payment bigger.

Consolidating Debt

Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have a fair amount of equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) may help save you a chunk of cash every month.

Paying it off Faster

Are you planning to fatten your home equity faster, and pay off your mortgage loan more quickly? Then, you'll need to look into refinancing to a short term mortgage - like a fifteen-year mortgage program. Even though your mortgage payment amount will usually be increased, you can be paying less interest; so your equity amount will build up faster. However, if you've held your current 30 year mortgage for a long time and the loan balance is relatively low, you might be do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please call us at 8102296669. We are here to help you reach your goals!

Curious about refinancing? Give us a call: 8102296669.