Which Refinancing Program is Best for You?

Even though it seems like it at times, there are not as many refinance loan options as there are borrowers! We can help you select the loan program that can fit your situation the best. Call us at 5806959369 to get things started. In the interest of looking at your choices, you can list your goals for the refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Perhaps you are presently 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 will stay at a certain low rate for the term of the loan, even as interest rates rise. This can be especially a good idea if you don't think you'll be selling your home within the next 5 years or so. However, an ARM with a initial low payment may be a better way to lower your monthly payments if you expect to move in the near future.

Refinancing to Cash Out

Is "cashing out" your primary reason for refinancing? Your house needs renovating; your son has gone to University and needs tuition money; or you are planning a special vacation. So you'll need to find a loan above the balance remaining on your current mortgage.With this goal, you You will be looking for a loan for a bigger amount than the remaining balance with your current mortgage loan in this case. If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to cash out some of your equity to consolidate additional debt? Yes you can! If you have any higher interest debts (like credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Getting a Shorter Term Loan

Do you hope to build up home equity quicker, and pay off your mortgage more quickly? You should consider refinancing to a shorterterm loan, like a 15-year mortgage. Your monthly payments will probably be more than with a longer term mortgage, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. Conversely, if your current longer term mortgage loan has a small balance remaining, and was closed a while ago, you might be able to make the change without paying more each month. To help you understand your options and the multiple benefits in refinancing, please call us at 5806959369. We can help you reach your goals!

Curious about refinancing your home? Give us a call at 5806959369.