Choosing a Refinancing Loan
There are an enormous number of refinancing programs available to borrowers. Contact us at (718) 639-9500 and we will match you with the refinance loan program that fits you best. There are several questions to ask yourself while you look at your choices.
Lowering Your Payments
Are getting lower payments and an improved rate your main refinance goals? Then a good option could be a low fixed-rate loan. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage with which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can particularly be a great option. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.
Is your refinance goal mainly to pull out some of your equity for an infusion of cash? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. With this in mind, you'll need to get a loan higher than the balance remaining of your present mortgage.Then you will want to qualify for a loan program for a higher number than the remaining balance on your existing mortgage loan. However, if your mortgage rate is high now and you've had it for quite a few years, you may be able to reach your goals without an increase in your mortgage payment.
Consolidating Your Debt
Do you want to cash out some equity to consolidate other debt? Yes you can! If you have the home equity for it, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars each month.
Getting a Shorter Term Loan
Do you want to build up home equity quicker, and pay off your mortgage more quickly? Then, you'll want to find out about refinancing to a short term mortgage loan - like a fifteen-year loan. Even though your monthly payment amount will probably be increased, you will be paying less interest; so your home equity will rise up faster. But, you might be able to switch without a higher monthly mortgage payment if your long term mortgage was closed a while ago, and the balance remaining is low. You may even make it lower! To help you figure out your options and the numerous benefits in refinancing, please call us at (718) 639-9500. We are here for you.
Curious about refinancing? Give us a call: (718) 639-9500.