Refinancing: Which Program is for You?
There are a huge number of refinancing programs available to borrowers. We can help you select the loan program that will fit your situation the best. Call us at 7068605514 to begin the process. surveying your options, you will need to determine your goals for the 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 the ideal choice for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even if rates come up later, unlike with your ARM, when you close a fixed rate mortgage, you set that low rate for the term of your mortgage. A fixed-rate mortgage is particularly a wise option if you aren't expecting a move within the next five years or so. However, an ARM with a initial low payment may be a wiser way to lower your payments if you expect to move in the next few years.
Are you hoping to cash out some of your equity with your refinance? Your home needs new carpet; your daughter has gone to University and needs tuition money; or you are planning a special vacation. Then you need to get a loan above the balance remaining on your present mortgage.Then you will You will want to qualify for a loan for a bigger amount than the balance remaining with your existing mortgage loan in this case. If you've had your existing mortgage for a long time and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.
Consolidating Your Debt
Do you hold other debt, perhaps with a higher interest rate, that you want to consolidate? If you hold some debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the equity built up to make it work.
Switching to a Shorter Term Loan
Do you need to build up home equity more quickly, and have your mortgage paid off faster? You should consider refinancing to a shorterterm loan, often a 15-year mortgage. Even though your mortgage payment amount will usually be more, you can save on interest; so your home equity will build up faster. However, if you've had your current 30-year mortgage for a long time and the loan balance is relatively low, you could be do this without raising your mortgage payment — you may even be able to save! To help you understand your options and the multiple benefits of refinancing, please contact us at 7068605514. We would love to help you reach your goals!
Want to know more about refinancing? Give us a call at 7068605514.