Which Refinancing Program is Right for You?
Even though it seems like it sometimes, there aren't as many loan programs as there are borrowers! Call us at 7186399500 and we can help you qualify for the perfect loan program for your financial needs. There are several things to keep in mind as you review your choices.
Lowering Your Payments
Are you refinancing primarily to lower your rate and monthly payments? Then a good option may be a low fixed-rate loan. Maybe you now have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage, even if interest rates rise. A fixed-rate mortgage can be particularly a good option if you don't expect to move within the next five years or so. However, an ARM with a low intitial payment could be a smarter way to lower your monthly payments if you plan on moving in the next few years.
Is your refinance goal primarily to "cash out" some home equity? Your home needs new carpet; your daughter has gone to college and needs tuition money; or you are taking your family on a cruise. In this case, you will want to get a loan for more than the balance remaining on your existing mortgage.In that case, you need You might not have an increase in your mortgage payemnt, though, if you've had your current mortgage for a while, and/or your interest rate is high.
Do you have other debt, maybe with a higher interest rate, that you'd like to consolidate? If you own any debt with higher interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the equity built up to make it work.
Paying it off Sooner
Are you dreaming of paying off your loan faster, while building up your equity faster? If this is your wish, the refinance can move you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and increasing your home equity more quickly, even though your monthly payments will usually be higher than they were. But, you could be able to switch without a bigger monthly payment if your long term loan was closed a while ago, and the remaining balance is low enough. You may even make it lower! To help you determine your options and the numerous benefits of refinancing, please call us at 7186399500. We are here for you.
Curious about refinancing? Give us a call: 7186399500.