Choosing a Refinancing Program
There are a huge number of refinancing options available to borrowers. Call us at 8165258000 and we will match you with the refinance loan program that is best for your needs. What are your goals for your refinance loan? Keeping in mind the following will help you begin your decision process.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, the best option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even as interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you expect to live in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. However, an ARM with a initial low payment may be a smarter way to reduce your mortgage payments if you see yourself moving in the next few years.
Refinancing to Cash Out
Is "cashing out" your primary reason for your refinance? It could be you want to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. Then you'll need to find a loan higher than the remaining balance on your present mortgage loan.So you will want to need to find a loan for a bigger amount than the balance remaining on your present mortgage loan. You might not increase your mortgage payemnt, though, if you've had your existing loan for a number of years, and/or your interest rate is high.
Perhaps you'd like to pull out a portion of the equity in your home (cash out) to put toward other debt. If you have a fair amount of equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a lot of money each month.
Getting a Shorter Term Loan
Are you wanting to fatten your home equity faster, and get your mortgage paid off more quickly? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage. The mortgage payments will probably be higher than with the longer term mortgage loan, but in exchange, you will pay quite a bit less interest and will build up equity more quickly. On the other hand, if your existing long-term loan has a low remaining balance, and was closed a while ago, you might 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 contact us at 8165258000. We will help you reach your goals!
Want to know more about refinancing your home? Give us a call: 8165258000.
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