Choosing a Refinancing Loan

The number of refinance options available can be overwhelming. Call us at (407) 898-7559 and we can help you qualify for the perfect refinance loan program for your financial situation. In the interest of looking at your options, you can list what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are achieving reduced monthly payments and a better rate your main reasons for refinancing? If so, your best option might be a low fixed-rate loan. Maybe you now have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — in which the rate of interest varies. Even when interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you aren't planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a great choice. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate to get reduced payments.

Getting Out some Cash

Is your refinance goal primarily to "cash out" some home equity? Your home needs updating; your son has gone to college and needs tuition money; or you are taking your family on a cruise. So you will need to get a loan higher than the remaining balance on your present mortgage loan.With this goal, you'll need However, if your mortgage rate is currently high and you've had it for a long time, you may be able to reach your goals without an increase in your mortgage payment.

Debt Consolidation

Do you want to cash out some home equity to consolidate other debt? Excellent idea! If you own any higher interest debts (like credit cards or vehicle loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough home equity.

Getting a Shorter Term Loan

Do you need to build up home equity more quickly, and have your mortgage paid off sooner? Consider refinancing with a short-term loan, often a 15-year mortgage. You will be paying less interest and increasing your equity more quickly, although your mortgage payments will likely be higher than they were. However, if you have held your current thirty-year mortgage loan for a long time and the loan balance is relatively low, you could be do this without increasing your mortgage payment — you might even be able to save! To help you understand your options and the many benefits of refinancing, please contact us at (407) 898-7559. We are here for you.

Curious about refinancing? Give us a call at (407) 898-7559.

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