Which Refinancing Program is Right for You?
There are a huge number of refinancing options available to borrowers. Call us at 410-451-2755 and we will help you qualify for the best refinance loan program for your financial needs. In the interest of looking at your options, you will need to list what you want to achieve with your 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. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even when interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be particularly a good choice if you aren't expecting a move within the next 5 years or so. On the other hand, if you do see yourself selling your home before too long, an ARM with a low initial rate might be the ideal way to bring down your monthly payment.
Refinancing to Cash Out
Are you hoping to cash out some of your equity in your refinance? Perhaps you want to make home improvements, pay your child's college tuition bill, or go on a dream vacation. Then you will want to get a loan for more than the balance remaining on your existing mortgage loan.With this goal, you need If you've had your existing mortgage loan for quite a while and/or have a mortgage loan whose interest rate is high, you might\could be able to do this without making your monthly payment higher.
Consolidating Your Debt
Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you have a fair amount of equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) could help save you a lot of cash every month.
Building up Equity More Quickly
Are you dreaming of paying off your loan faster, while beefing up your equity more quickly? Consider refinancing with a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your monthly payments will generally be bigger than you have been paying. But, you could be able to make the change without a bigger monthly payment if your long term loan was closed a while back, and the balance remaining is small. You could even make it lower! To help you figure out your options and the multiple benefits in refinancing, please contact us at 410-451-2755. We are here for you.
Want to know more about refinancing your home? Give us a call: 410-451-2755.