Which Refinancing Loan Program is Best for You?
The number of refinance options available is truly breathtaking. We can guide you to select the loan program that can fit your needs the best. Contact us at 877-310-6200 to begin the process. In order to review your choices, you need to determine your goals for the refinance.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? If so, your best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low interest rate for the term of your loan. If you are not planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a wise option. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower mortgage payments.
Getting Out some Cash
Is "cashing out" your primary purpose for refinancing? Your house needs renovating; your son has been accepted to college and needs tuition; or you are planning a special vacation. In this case, you need to find a loan higher than the balance remaining on your present mortgage loan.Then you want If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Consolidating Your Debt
Do you hold other debt, perhaps with high interest, that you need to consolidate? If you hold some debt with higher interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have enough home equity.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off faster, while beefing up your home equity quicker? If this is your wish, the refinance mortgage can move you to a mortgage program with a short, like a 15 year loan. Your mortgage payments will likely be more than with a long-term mortgage loan, but the pay-off is: that you will pay substantially less interest and will build up equity quicker. However, if you have had your existing 30-year mortgage for a number of years and the remaining balance is relatively low, you may be able to do this without raising your monthly mortgage payment — you may even be able to save! To help you figure out your options and the many benefits in refinancing, please contact us at 877-310-6200. We are here for you.
Want to know more about refinancing your home? Call us: 877-310-6200.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.