Selecting a Refinancing Program
There are a huge number of refinancing options available to borrowers. Contact us at 7068605514 and we'll work with you to qualify you for the best refinance loan for your financial situation. What are your goals for refinancing? Considering in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are getting better payments and a better rate your main refinance goals? 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 rates come up later, unlike with your ARM, when you get a fixed-rate mortgage, you set the low interest rate for the life of your mortgage. If you are expecting to stay in your home for about five more years, a fixed rate loan may be an especially good fit for you. However, an ARM with a initial low payment could be a smarter way to reduce your payments if you expect to move in the next few years.
Getting Out some Cash
Is "cashing out" your main purpose for refinancing? It could be you need to make home improvements, pay your child's college tuition bill, or take a cruise. So you want to get a loan higher than the balance remaining of your current mortgage.So you want to need to get a loan for a bigger number than the balance remaining on your existing mortgage loan. You may not have an increase in your monthly payemnt, however, if you've had your current mortgage loan for a number of years, and/or your loan interest rate is high.
Consolidating Your Debt
Perhaps you hope to cash out some home equity (cash out) to put toward other debt. If you have some debt with high interest (like credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the equity built up to make it work.
Paying it off Sooner
Do you plan to build up home equity quicker, and pay off your mortgage sooner? You should consider refinancing with a shorterterm loan, often a 15-year mortgage loan. Even though your mortgage payments will usually be increased, you will save on interest; so your equity amount will rise up faster. However, if you've held your existing thirty year loan for a number of years and the remaining balance is relatively low, you might be able to do this without raising your monthly payment — you could even be able to save! To help you determine your options and the numerous benefits of refinancing, please call us at 7068605514. We can help you reach your goals!
Want to know more about refinancing your home? Give us a call: 7068605514.