Refinancing: Which Loan Program is for You?

There are a huge number of refinancing programs available to borrowers. We can guide you to select the loan program that will fit your situation the best. Contact us at 2057831113 to get things started. surveying your options, you should list what you want to achieve with your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage loan, even if interest rates rise. If you are expecting to stay in your home for about five more years, a fixed-rate loan may be an especially good choice for you. However, an ARM with a initial low payment may be a better way to reduce your payments if you expect to move in the next few years.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Maybe you're dreaming of a cruise; you need to pay college tuition for your child; or you plan to renovate your home. So you will need to find a loan higher than the remaining balance on your present mortgage.In this case, you will want However, if your loan interest rate is high now and you've held it for a long time, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Your Debt

Perhaps you'd like to pull out some equity (cash out) to put toward other debt. If you have built up some equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might help save you a lot of cash every month.

Building up Equity Faster

Are you planning to fatten your home equity faster, and pay your mortgage loan off sooner? Then, you'll want to find out about refinancing to a short term mortgage - such as a fifteen-year loan. You will be paying less interest and increasing your home equity more quickly, even though your payments will likely be more than you have been paying. However, if you have had your current 30-year mortgage for a long time and the remaining balance is somewhat low, you may be able to do this without increasing your monthly mortgage payment — you may even be able to save! To help you figure out your options and the numerous benefits in refinancing, please call us at 2057831113. We would love to help you reach your goals!

Want to know more about refinancing your home? Give us a call at 2057831113.