Choosing a Refinancing Program

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The huge number of refinance options available to borrowers is truly breathtaking. Call us at 3105133942 and we can match you with the loan program that best fits you. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage loan, even when interest rates rise. If you plan to live in your home for at least five more years, a loan with a fixed rate may be an especially good choice for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower payments. By refinancing your existing loan, your total finance charges could be more over the life of the loan.

Cashing Out

Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Maybe you need to make home improvements, take care of your college kid's tuition, or take a cruise. With this in mind, you need to find a loan higher than the balance remaining on your current mortgage loan.So you You will be looking for a loan for more than the balance remaining of your present home loan in this case. However, if your interest rate is high now and you have held it for a long time, you could be able to reach your goals without making your monthly payments higher.

Consolidating Your Debt

Do you have other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars each month.

Switching to a Shorter Term Loan

Are you dreaming of paying your loan off faster, while building up your equity quicker? Then, you need to look into refinancing to a short term mortgage - like a fifteen-year loan. The mortgage payments will probably be more than they were with your long-term mortgage loan, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. But, you might be able to switch without a bigger monthly mortgage payment if your longer term mortgage loan was closed a while back, and the balance remaining is low. You could even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at 3105133942. We will help you reach your goals!

Curious about refinancing? Give us a call at 3105133942.

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