Refinancing: Which Program is for You?
There are a huge number of refinancing programs available to borrowers. Call us at (718) 639-9500 and we will match you with the loan program that fits you best. In the interest of looking at your choices, you'll need to think about your goals for the refinance.
Lowering Your Payments
Are getting reduced monthly payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a wise choice for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in that low rate for the term of your mortgage. If you aren't expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a good choice. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced mortgage payments.
Getting Out some Cash
Is "cashing out" your primary purpose for your refinance? Your house needs renovating; your daughter has been accepted to college and needs tuition; or you are planning a special vacation. With this in mind, you will want to qualify for a loan above the balance remaining on your present mortgage.In that case, you will want However, if your loan interest rate is currently high and you've had it for a long time, you could be able to reach your goals without an increase in your mortgage payment.
Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you own any debt with higher interest (such as credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the home equity built up to make it work.
Paying it off Sooner
Are you dreaming of paying off your loan sooner, while building up your home equity faster? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your home equity faster, although your payments will likely be higher than they were. On the other hand, if your existing long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at (718) 639-9500. We are here for you.
Want to know more about refinancing your home? Call us at (718) 639-9500.