Refinancing: Which Program is for You?

There are a huge number of refinancing options available to borrowers. We can guide you to find the refinance program that can fit your situation the best. Contact us at (407) 898-7559 to begin the process. In order to review your choices, you will need to consider your goals for the refinance.

Making Your Payments Lower

Are achieving reduced monthly payments and a better rate your main reasons for refinancing? Then your best option may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low interest rate for the term of your loan. If you aren't planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good choice. However, an ARM with a initial low payment could be a wiser way to lower your mortgage payments if you plan on moving in the near future.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you plan to renovate your home. In this case, you need to find a loan above the remaining balance on your current mortgage.In that case, you need You might not have an increase in your monthly payemnt, however, if you have had your existing mortgage loan for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Yes you can! If you have built up some equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Paying it off Sooner

Do you need to build up home equity more quickly, and pay off your mortgage more quickly? Consider refinancing to a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and growing your home equity faster, even though your payments will likely be bigger than you have been paying. On the other hand, if your existing long-term mortgage loan has a small remaining balance, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you determine 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: (407) 898-7559.

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