Which Refinancing Program is Best for You?

Even though it may seem like it at times, there aren't as many loan programs as there are applicants! Contact us at (407) 898-7559 and we can help you qualify for the perfect refinance loan program for your needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.

Lowering Your Payments

Are getting lower mortgage payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be your best option. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a good option if you aren't expecting a move within the next five years or so. However, if you do see yourself moving in the near future, an ARM with a low initial rate may be the best way to bring down your monthly payment.

Refinancing to Cash Out

Are you hoping to cash out some of your equity in your refinance? Maybe you're planning a special vacation; you have to pay tuition for your college-bound child; or you plan to renovate your home. With this in mind, you'll need to apply for a loan above the balance remaining of your current mortgage loan.In that case, you'll You will want to apply for a loan for a bigger amount than the remaining balance of your existing mortgage in that case. If you've had your existing mortgage for a long time and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Maybe you hope to pull out a portion of the equity (cash out) to use toward other debt. If you have the home equity for it, taking care of other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars in your monthly budget.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan more quickly, while building up your home equity more quickly? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and increasing your equity faster, although your monthly payments will generally be bigger than you have been paying. But, you might be able to make the change without much increase in your monthly mortgage payment if your long term mortgage was closed a while ago, and the remaining balance is small. You may even pay less! To help you understand your options and the numerous benefits of refinancing, please contact us at (407) 898-7559. We can help you reach your goals!

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

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