Which Refinancing Loan Program is Best for You?
There aren't as many loan options as there are applicants, but at times it feels like it! We can help you choose the refinance loan program that can fit your needs the best. Contact us at 7072522700 to get things started. In the interest of looking at your options, you can list what you want to achieve with your refinance.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan could be a wise choice for you. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a good option if you don't think you'll be selling your home within the next five years or so. However, an ARM with a initial low payment could be a wiser way to reduce your monthly payments if you plan on moving in the next few years.
Getting Out some Cash
Is "cashing out" your primary purpose for your refinance? Your home needs improvements; your son has been accepted to University and needs tuition; or you are taking your family on a cruise. Then you will need to get a loan for more than the remaining balance of your existing mortgage.So you will need However, if your interest rate is high now and you have held it for a long time, you may be able to achieve your goals without a rise in your mortgage payment.
Do you have other debt, perhaps with a higher interest rate, that you want to consolidate? If you have any higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the equity built up to make it work.
Paying it off Faster
Do you plan to build up home equity quicker, and pay off your mortgage more quickly? In that case, you need to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. You will be paying less interest and growing your equity faster, even though your monthly payments will generally be more than you were paying. On the other hand, if your existing longer term mortgage has a small balance remaining, and was closed a while ago, you may even be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please contact us at 7072522700. We will help you reach your goals!
Want to know more about refinancing your home? Give us a call at 7072522700.