Choosing a Refinancing Option

The number of refinance options available can be overwhelming. We can guide you to select the refinance loan program that can fit your situation the best. Contact us at 4054054054 to begin the process. surveying your options, you'll need to list what you want to achieve with the refinance.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be your best option. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage, even if interest rates rise. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a good loan option. On the other hand, if you do see yourself moving before too long, an ARM with a small initial rate could be the best way to lower your monthly payment.

Cashing Out

Are you wanting to cash out some of your equity with your refinance? It could be you need to make home improvements, take care of your college kid's tuition, or go on a special family vacation. So you need to get a loan above the balance remaining on your present mortgage.Then you want to find a loan program for a higher amount than the remaining balance on your present mortgage loan. If you've had your current mortgage for a long time and/or have a loan with high interest, you may be able to do this without making your monthly payment higher.

Consolidating Debt

Maybe you hope to pull out some home equity (cash out) to use toward other debt. If you have any debt with higher 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 enough equity.

Building up Equity More Quickly

Are you wanting to fatten your equity faster, and pay your mortgage loan off sooner? Then, you want to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity more quickly, although your monthly payments will generally be higher than you were paying. However, if you have had your current thirty year loan for a number of years and the remaining balance is relatively low, you could be do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please call us at 4054054054. We are here for you.

Want to know more about refinancing your home? Give us a call at 4054054054.