Choosing a Refinancing Option

There are a huge number of refinancing programs available to borrowers. Call us at (407) 898-7559 and we will work with you to qualify you for the right refinance loan to fit your financial situation. There are some general questions to ask yourself as you consider your choices.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? Then a good choice could be a low fixed-rate loan. Maybe you are currently in a loan with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you plan to live in your home for about five more years, a fixed rate loan may be an especially good fit for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Getting Out some Cash

Are you refinancing primarily to "cash out" some home equity? Perhaps you need to update your kitchen, pay your child's college tuition bill, or take a cruise. So you'll need to get a loan for more than the remaining balance on your current mortgage.In this case, you will You will be looking for a loan for a higher amount than the remaining balance with your present mortgage in this case. If you've had your current mortgage 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 Debt

Maybe you want to pull out some equity in your home (cash out) to put toward other debt. If you have enough home equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Paying it off Faster

Are you dreaming of paying your loan off more quickly, while building up your equity faster? Then, you need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. Your mortgage payments will likely be more than with your longer term mortgage, but in exchange, you will pay quite a bit less interest and can build up equity more quickly. But, you might be able to make the change without a higher monthly mortgage payment if your longer term mortgage loan was closed a while back, and the balance remaining is low enough. You could even pay less! To help you understand your options and the numerous benefits in refinancing, please call us at (407) 898-7559. We are here to help you reach your goals!

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

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