Which Refinancing Program is Best for You?
There are an enormous number of refinancing programs available to borrowers. Contact us at 8327302000 and we can match you with the refinance program that fits you best. surveying your options, you can consider what you want to achieve with the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a wise choice for you. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a loan with a fixed rate may be a particulary good choice for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.
Is "cashing out" your main reason for refinancing? Your home needs new carpet; your daughter has been accepted to University and needs tuition; or you have a special family vacation planned. With this in mind, you will want to get a loan higher than the balance remaining of your existing mortgage.With this goal, you will You'll want to qualify for a loan for a bigger amount than the remaining balance on your current mortgage in this case. However, if your mortgage rate is high now and you've had it for quite a few years, you may be able to achieve your goals without making your monthly payments increase.
Do you want to pull out some home equity to consolidate other debt? Great plan! If you own any debt with high interest (like credit cards or vehicle loans), you may be able to take care of that debt 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 sooner, while beefing up your home equity faster? In that case, you'll want to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. The mortgage payments will probably be more than they were with the longer term mortgage, but in exchange, that you will pay considerably less interest and will build up equity quicker. But, you might be able to switch without much increase in your monthly mortgage payment if your long term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you understand your options and the multiple benefits in refinancing, please contact us at 8327302000. We are here for you.
Want to know more about refinancing? Call us at 8327302000.