Selecting a Refinancing Program

Even though it seems like it sometimes, there are not as many loan programs as there are applicants! Call us at (718) 639-9500 and we will work with you to qualify you for the perfect refinance program for your financial situation. What are your reasons for refinancing? Keeping in mind the following will help you narrow your choices.

Reducing Your Monthly Payments

Are getting reduced payments and a lower rate your main reasons for refinancing? Then a low, fixed rate loan may be the best choice for you. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you hold 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 the mortgage, even if interest rates rise. If you are not expecting to move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good option. On the other hand, if you do see yourself moving in the near future, an adjustable rate mortgage with a low initial rate may be the ideal way to bring down your monthly payment.

Cashing Out

Are you wanting to cash out some of your equity with your refinance? Your house needs new carpet; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. In this case, you will need to find a loan above the balance remaining on your current mortgage.In that case, you will need However, if your loan interest rate is currently high and you have held it for quite a few years, you may be able to reach your goals without making your mortgage payments bigger.

Debt Consolidation

Do you want to pull out a portion of your equity to consolidate additional debt? Excellent idea! If you have built up some home equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a chunk of money every month.

Getting a Shorter Term Loan

Do you plan to build up equity more quickly, and have your mortgage paid off faster? Consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. Your payments will probably be higher than with your long-term loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity more quickly. However, if you've held your existing 30-year loan for a long time and the loan balance is rather low, you could be do this without increasing your monthly payment — you may even be able to save! To help you determine your options and the numerous benefits of refinancing, please contact us at (718) 639-9500. We are here to help you reach your goals!

Want to know more about refinancing? Give us a call: (718) 639-9500.

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