Selecting a Refinancing Loan
There are not as many refinance loan options as there are applicants, but it seems like it at times! Contact us at 8327302000 and we can match you with the loan program that is best for your needs. There are several questions to ask yourself while you look at the choices.
Making Your Payments Lower
Are achieving lower monthly payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan may be a wise choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even when rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you set the low interest rate for the life of your mortgage. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a good loan option. However, an ARM with a low intitial payment could be a smarter way to lower your mortgage payments if you expect to move within the near future.
Refinancing to Cash Out
Are you planning to cash out some of your equity in your refinance? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a dream vacation. In this case, you want to find a loan above the remaining balance of your present mortgage.So you'll You'll need to qualify for a loan for a bigger amount than the balance remaining with your current mortgage loan in that case. You may not have an increase in your mortgage payemnt, though, if you've had your current loan for a while, and/or your interest rate is high.
Do you have other debt, maybe with a high interest rate, that you want to consolidate? If you have the equity in your home to make it work, paying off other high interest debt (for example: credit cards, home equity loans, or car loans) means you can possible save several hundred dollars in your budget each month.
Paying it off Sooner
Are you wanting to fatten up your home equity faster, and pay off your mortgage loan sooner? Consider refinancing with a short-term loan, often a 15-year mortgage loan. Even though your monthly payment amount will usually be more, you will save on interest; so your home equity will build up faster. But, you may be able to switch without much increase in your monthly payment if your long term mortgage loan was closed a while ago, and the balance remaining is low enough. You may even make it lower! To help you figure out your options and the many benefits in refinancing, please contact us at 8327302000. We are here to help you reach your goals!
Curious about refinancing? Call us at 8327302000.