Choosing a Refinancing Loan
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The huge number of refinance options available can be overwhelming. We can help you select the refinance loan program that will fit your situation the best. Contact us at 4357556622 to begin the process. In order to review your choices, you can list what you want to achieve with the refinance.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? If so, a good choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you aren't planning on moving in the near future (about five years), a fixed rate mortgage loan can particularly be a great loan option. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get lower monthly payments.
Refinancing to Cash Out
Is "cashing out" your primary purpose for refinancing? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take your dream vacation. Then you'll want to find a loan for more than the remaining balance of your current mortgage.With this goal, you will need If you've had your current mortgage for a number of years and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.
Do you want to cash out some home equity to consolidate other debt? Good plan! If you hold any higher interest debts (like credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan with your refinance, if you have the home equity built up to make it work.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your equity more quickly? In that case, you want to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. Although your mortgage payments will usually be more, you will be paying less interest; so your equity amount will build up faster. But, you may be able to make the change without much increase in your monthly mortgage payment if your long term mortgage loan was closed a while ago, and the balance remaining is somewhat low. You could even pay less! To help you understand your options and the multiple benefits of refinancing, please contact us at 4357556622. We are here for you.