Selecting a Refinancing Program

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Although it may seem like it at times, there are not as many loan programs as there are borrowers! Contact us at 8007903317 and we will work with you to qualify you for the perfect refinance loan program for your financial situation. In the interest of looking at your choices, you need to determine what you want to achieve with your refinance.

Making Your Payments Lower

Are achieving reduced payments and a better rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. Maybe you currently have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage, even if interest rates rise. If you are not expecting to move in the near future (about five years), a fixed-rate mortgage can especially be a good option. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is "cashing out" your main reason for refinancing? Perhaps you want to make home improvements, take care of your college kid's tuition, or go on a dream vacation. So you want to qualify for a loan higher than the remaining balance on your existing mortgage.So you will want to need to qualify for a loan for a higher amount than the balance remaining on your existing mortgage. If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to cash out some of your equity to consolidate other debt? Good idea! If you have a fair amount of equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of money every month.

Building up Equity Faster

Are you wanting to fatten up your home equity faster, and get your mortgage paid off more quickly? If this is your wish, the refinance can switch you to a loan program with a short, for example: a 15 year loan. Your mortgage payments will likely be higher than they were with the longer term loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity more quickly. But, you might be able to make the change without a higher monthly mortgage payment if your long term mortgage was closed a while back, and the remaining balance is small. You may even pay less! To help you understand your options and the numerous benefits in refinancing, please call us at 8007903317. We will help you reach your goals!

Want to know more about refinancing your home? Give us a call: 8007903317.