Which Refinancing Program is Best for You?

There aren't as many loan program choices as there are borrowers, but sometimes it feels like it! Contact us at 4078987559 and we will help you qualify for the right loan program for your situation. What do you hope to achieve with refinancing? Considering in mind the information below will help you narrow your choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good option could be a low fixed-rate loan. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you are planning to live in your home for at least five more years, a fixed rate mortgage may be a particulary good option for you. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower payments.

Getting Out some Cash

Is "cashing out" your main purpose for your refinance? Maybe you're going on a much needed vacation; you have to pay college tuition for your child; or you are planning some home improvements. So you want to find a loan higher than the balance remaining of your current mortgage.So you need If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Maybe you'd like to cash out a portion of the equity (cash out) to put toward other debt. If you own some higher interest debts (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of equity.

Getting a Shorter Term Loan

Are you planning to fatten your home equity faster, and pay off your mortgage more quickly? In that case, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your equity faster, although your payments will likely be bigger than they were. However, if you have had your current 30 year mortgage for a number of years and the remaining balance is relatively low, you could be do this without raising your mortgage payment — you could even be able to save! To help you determine your options and the multiple benefits of refinancing, please call us at 4078987559. We are here for you.

Want to know more about refinancing your home? Give us a call at 4078987559.


America's Money Source

2306 Curry Ford Rd
Orlando, FL 32806