Refinancing: Which Option is for You?

There are an enormous number of refinancing options available to borrowers. We can help you choose the refinance program that will fit your needs the best. Contact us at 4433365525 to begin the process. In order to review your options, you can list what you want to achieve with your refinance.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a wise option for you. Maybe you now hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the interest rate can vary. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the loan, even if interest rates rise. If you are planning to live in your home for about five more years, a fixed-rate loan may be an especially good choice for you. However, if you can see yourself moving within the next few years, an ARM mortgage with a low initial rate may be the ideal way to lower your monthly payments.

Getting Out some Cash

Are you hoping to cash out some of your equity in your refinance? It could be you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. Then you will need to get a loan higher than the balance remaining on your present mortgage.So you will want If you've had your existing mortgage loan for a number of years and/or have a loan with a high interest rate, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you want to cash out some home equity to consolidate other debt? Great idea! If you have enough home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a chunk of money every month.

Switching to a Shorter Term Loan

Do you hope to build up home equity quicker, and pay off your mortgage faster? If this is your wish, your refinance mortgage can change you to a mortgage program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will likely be more than they were. Conversely, if your existing long-term mortgage 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 understand your options and the multiple benefits of refinancing, please contact us at 4433365525. We are here for you.

Curious about refinancing your home? Call us: 4433365525.