Which Refinancing Program is Right for You?

When you are overwhelmed with all the options, it may seem like there are even more refinance loan programs than applicants! Contact us at (407) 898-7559 and we will help you qualify for the best loan program to fit your situation. What are your reasons for refinancing? Keeping in mind the information below will help you narrow your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. Maybe you now hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Even when rates get higher later, unlike with your ARM, when you close a fixed-rate mortgage, you set that low rate for the life of your mortgage. If you are planning to live in your home for about five more years, a fixed rate loan may be a particulary good choice for you. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you plan on moving in the next few years.

Cashing Out

Are you wanting to cash out some of your home equity with your refinance? Your home needs improvements; your son has gone to University and needs tuition money; or you are planning a special vacation. So you will need to look for a loan above the balance remaining on your existing mortgage.Then you want to qualify for a loan program for a bigger number than the remaining balance on your existing mortgage loan. You may not increase your mortgage payemnt, though, if you have had your current mortgage for a long time, and/or your interest rate is high.

Consolidating Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Great plan! If you hold any debt with steep interest (such as 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.

Paying it off Faster

Do you hope to build up home equity quicker, and pay off your mortgage more quickly? In that case, you'll need to find out about refinancing to a short term mortgage loan - such as a fifteen-year loan. The monthly payments will probably be higher than they were with your long-term loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. Conversely, if your existing longer term loan has a low remaining balance, and was closed a while ago, you could be able to make the switch without paying more each month. To help you understand your options and the multiple benefits in refinancing, please contact us at (407) 898-7559. We are here for you.

Curious about refinancing? Call us at (407) 898-7559.

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