Selecting a Refinancing Program
The huge number of refinance options available to borrowers is truly breathtaking. Call us at 7072522700 and we'll help you qualify for the best loan program for your financial needs. There are some general things to keep in mind as you consider the options.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate loan. Perhaps you are now in a mortgage with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the mortgage, even if interest rates rise. If you are expecting to stay in your home for at least five more years, a fixed-rate loan may be an especially good choice for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.
Refinancing to Cash Out
Are you wanting to cash out some of your home equity with your refinance? Maybe you need to pay for home improvements, pay your child's college tuition bill, or go on a special family vacation. In this case, you need to look for a loan for more than the remaining balance on your present mortgage loan.So you'll want However, if your interest rate is currently high and you've held it for quite a few years, you could be able to achieve your goals without making your mortgage payments higher.
Perhaps you want to pull out some of the equity in your home (cash out) to put toward other debt. If you own any debt with high interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the home equity built up to make it work.
Building up Equity More Quickly
Are you wanting to fatten up your home equity faster, and pay off your mortgage sooner? Then, you'll need to find out about refinancing to a short term mortgage - like a fifteen-year mortgage program. The monthly payments will likely be more than they were with the longer term loan, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. Conversely, if your current long-term mortgage loan has a small remaining balance, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you figure out your options and the multiple benefits of refinancing, please call us at 7072522700. We would love to help you reach your goals!
Curious about refinancing your home? Call us at 7072522700.