Refinancing: Which Option is for You?

Even though it may seem like it at times, there aren't as many refinance loan choices as there are borrowers! Contact us at 7186399500 and we can help you qualify for the best refinance loan program for your financial needs. There are several questions to ask yourself as you consider your options.

Reducing Your Monthly Payments

Are achieving reduced mortgage payments and an improved rate your main reasons for refinancing? In that case, a good option may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set that low rate for the life of your mortgage. A fixed-rate mortgage can be especially a good choice if you aren't expecting a move within the next 5 years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Cashing Out

Is "cashing out" your primary reason for refinancing? Perhaps you need to update your kitchen, take care of your college kid's tuition, or go on a dream vacation. So you need to find a loan for more than the balance remaining of your present mortgage.In that case, you'll want You may not have an increase in your monthly payemnt, though, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Your Debt

Perhaps you'd like to cash out a portion of the equity in your home (cash out) to put toward other debt. If you have built up some home equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) might help save you a lot of cash each month.

Building up Equity More Quickly

Do you hope to build up equity more quickly, and have your mortgage paid off faster? In that case, you'll need to find out about refinancing to a short term mortgage - such as a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, although your monthly payments will generally be higher than they were. But, you might be able to switch without much increase in your monthly payment if your longer term mortgage loan was closed a while ago, and the balance remaining is low. You may even pay less! To help you understand your options and the numerous benefits in refinancing, please call us at 7186399500. We will help you reach your goals!

Curious about refinancing? Call us at 7186399500.

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Channel Mortgage LLC

Connecting the Dots to Home Ownership

55-25 69th Street 1st Floor
Maspeth, NY 11378-1806