Choosing a Refinancing Program

When you are overwhelmed with so many choices, it may seem as if there are even more refinance programs than applicants! We can guide you to find the refinance program that will fit your situation the best. Call us at (407) 898-7559 to get things started. surveying your options, you need to determine your goals for the refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a wise choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even if rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set the low interest rate for the life of your mortgage. If you are expecting to live 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.

Cashing Out

Is your refinance goal mainly to pull out some home equity for an infusion of cash? Your home needs renovating; your son has gone to University and needs tuition money; or you are taking your family on a cruise. So you'll want to get a loan higher than the balance remaining of your existing mortgage.With this goal, you'll You'll be looking for a loan for a higher amount than the current balance of your present mortgage loan in that case. However, if your mortgage rate is currently high and you've had it for quite a few years, you may be able to reach your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you hold other debt, perhaps with higher interest, that you need to consolidate? 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) may be able to save you a chunk of cash every month.

Building up Equity More Quickly

Are you dreaming of paying your loan off sooner, while building up your home equity quicker? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. Although your mortgage payments will probably be increased, you can be paying less interest; so your equity will rise up faster. But, you might be able to switch without much increase in your monthly payment if your long term mortgage was closed a while back, and the remaining balance is somewhat low. You could even pay less! To help you understand your options and the numerous benefits of refinancing, please call us at (407) 898-7559. We would love to help you reach your goals!

Curious about refinancing your home? Give us a call: (407) 898-7559.

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