Which Refinancing Program is Best for You?

When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than applicants! Call us at 877-310-6200 and we can help you qualify for the best refinance program to fit your financial situation. What do you hope to achieve with refinancing? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan might be a wise option for you. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This can be especially a good option if you don't think you will move within the next five years or so. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you plan on moving in the next few years.

Getting Out some Cash

Is "cashing out" your primary purpose for your refinance? It could be you need to make home improvements, take care of your college kid's tuition, or take your dream vacation. Then you'll need to find a loan for more than the remaining balance on your existing mortgage loan.So you'll want However, if your loan interest rate is high now and you've held it for a long time, you could be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Do you want to cash out some of your home equity to consolidate additional debt? Great plan! If you own any higher interest debts (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of equity.

Switching to a Shorter Term Loan

Do you hope to build up equity more quickly, and pay off your mortgage sooner? If this is your goal, the refinance can change you to a loan program with a short, for example: a 15 year loan. You will be paying less interest and growing your equity more quickly, although your monthly payments will likely be bigger than they were. However, if you have had your existing thirty year mortgage loan for a number of years and the loan balance is somewhat low, you could be able to do this without raising your monthly mortgage payment — you could even be able to save! To help you determine your options and the many benefits of refinancing, please call us at 877-310-6200. We are here for you.

Curious about refinancing your home? Give us a call at 877-310-6200.

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