Which Refinancing Loan Program is Right for You?

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There are a huge number of refinancing options available to borrowers. Call us at 8329162260 and we will match you with the refinance loan program that fits you best. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best option might be a low fixed-rate loan. Maybe you are presently in a mortgage with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about 5 years), a fixed-rate mortgage can particularly be a great option. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced mortgage payments.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? It could be you're going on a much needed vacation; you have to pay college tuition for your child; or you plan to renovate your home. With this in mind, you want to look for a loan for more than the remaining balance of your present mortgage loan.Then you'll want to qualify for a loan for a higher number than the remaining balance on your present mortgage loan. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Perhaps you'd like to pull out some home equity (cash out) to put toward other debt. If you hold any debt with steep interest (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Paying it off Faster

Are you dreaming of paying your loan off faster, while building up your equity quicker? If this is your plan, your refinance mortgage can switch you to a loan program with a short, such as a 15 year loan. Even though your mortgage payments will probably be increased, you can be paying less interest; so your home equity will rise up faster. However, if you've had your existing thirty-year loan for a number of years and the remaining balance is rather low, you might be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the numerous benefits in refinancing, please call us at 8329162260. We would love to help you reach your goals!

Curious about refinancing? Give us a call: 8329162260.