Which Refinancing Option is Right for You?
There are a huge number of refinancing programs available to borrowers. Contact us at 7068605514 and we will work with you to qualify you for the perfect refinance loan program for your financial needs. surveying your options, you can determine your goals for your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal loan program for you. Perhaps you now hold a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your loan, even when interest rates rise. This can be particularly a wise idea if you don't expect to sell your home within the next 5 years or so. On the other hand, if you can see yourself selling your home before too long, an ARM with a low initial rate could be the best way to reduce your monthly payment.
Refinancing to Cash Out
Is "cashing out" your main reason for your refinance? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you plan to renovate your home. Then you'll want to apply for a loan above the balance remaining of your present mortgage loan.In that case, you'll need You may not increase your mortgage payemnt, however, if you have had your existing loan for a number of years, and/or your loan interest rate is high.
Perhaps you hope to pull out a portion of the equity (cash out) to put toward other debt. If you have any higher interest debts (like credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the equity built up to make it work.
Paying it off Faster
Are you hoping to fatten your home equity faster, and pay your mortgage loan off more quickly? If this is your hope, the refinance loan can change you to a mortgage program with a short, such as a 15 year loan. Even though your monthly payments will usually be increased, you will save on interest; so your home equity will build up faster. Conversely, if your current longer term mortgage has a small balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you figure out your options and the many benefits of refinancing, please contact us at 7068605514. We are here to help you reach your goals!
Want to know more about refinancing? Call us: 7068605514.