Choosing a Refinancing Program
Even though it may seem like it at times, there are not as many refinance options as there are applicants! Contact us at (718) 639-9500 and we will match you with the refinance program that fits you best. surveying your options, you'll need to determine your goals for your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the mortgage loan, even if interest rates rise. This kind of loan can be especially a wise choice if you don't think you'll be moving within the next 5 years or so. However, an ARM with a low intitial payment could be a better way to lower your payments if you expect to move within the near future.
Refinancing to Cash Out
Are you refinancing mainly to "cash out" some home equity? Maybe you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are updating your kitchen. Then you need to find a loan above the balance remaining of your existing mortgage loan.So you want However, if your loan interest rate is currently high and you have held it for quite a few years, you may be able to achieve your goals without an increase in your mortgage payment.
Do you want to pull out some equity to consolidate additional debt? Yes you can! If you have a fair amount of equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash every month.
Building up Equity Faster
Are you wanting to fatten up your equity faster, and pay your mortgage loan off sooner? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and increasing your equity more quickly, even though your monthly payments will usually be more than they were. On the other hand, if your current longer term mortgage has a small balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please call us at (718) 639-9500. We will help you reach your goals!
Want to know more about refinancing? Give us a call at (718) 639-9500.