Which Refinancing Program is Right for You?
Even though it seems like it at times, there aren't as many loan options as there are applicants! Contact us at 877-310-6200 and we can help you qualify for the right refinance loan to fit your situation. surveying your options, you can think about your goals for your refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the ideal option for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are planning to live in your home for about five more years, a loan with a fixed rate may be a particulary good fit for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.
Getting Out some Cash
Are you planning to cash out some of your equity in your refinance? Maybe you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you will need to find a loan for more than the remaining balance of your present mortgage loan.With this goal, you want If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.
Do you hold other debt, perhaps with a higher interest rate, that you want to consolidate? If you have the home equity for it, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars in your budget each month.
Switching to a Shorter Term Loan
Are you wanting to fatten your equity faster, and pay your mortgage loan off more quickly? Consider refinancing to a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and increasing your equity faster, although your monthly payments will usually be higher than you were paying. But, you could be able to make the change without much increase in your monthly mortgage payment if your long term loan was closed a while back, and the balance remaining is small. You could even pay less! To help you figure out your options and the numerous benefits in refinancing, please call us at 877-310-6200. We are here to help you reach your goals!
Want to know more about refinancing your home? Call us at 877-310-6200.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.