Refinancing: Which Loan Program is for You?
There aren't as many refinance loan programs as there are borrowers, but it seems like it sometimes! Contact us at 877-310-6200 and we will help you qualify for the right refinance program to fit your situation. surveying your choices, you can list your goals for your refinance.
Lowering Your Payments
Are getting lower payments and an improved rate your main refinance goals? If so, applying for a low, fixed-rate loan might be a good choice for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you aren't planning on moving in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower payments.
Refinancing to Cash Out
Are you wanting to cash out some of your home equity with your refinance? Your home needs improvements; your daughter has gone to college and needs tuition; or you have a special family vacation planned. In this case, you want to get a loan higher than the remaining balance of your current mortgage.Then you need You might not increase your monthly payemnt, however, if you've had your current loan for a long time, and/or your interest rate is high.
Consolidating Your Debt
Do you hold other debt, maybe with a higher interest rate, that you'd like to consolidate? If you own some debt with steep interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.
Building up Equity More Quickly
Do you need to build up home equity quicker, and pay off your mortgage faster? Consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your home equity more quickly, although your mortgage payments will generally be bigger than they were. Conversely, if your current long-term mortgage has a small balance remaining, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at 877-310-6200. We will help you reach your goals!
Want to know more about refinancing? Call us: 877-310-6200.