Refinancing: Which Loan Program is for You?

The huge number of refinance options available to borrowers is truly breathtaking. We can help you choose the refinance program that will fit your situation the best. Call us at 4078987559 to get started. There are several questions to ask yourself while you consider the choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan might be a wise choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage loan, even when interest rates rise. If you are expecting to live in your home for about five more years, a fixed-rate loan may be an especially good choice for you. However, an ARM with a low intitial payment may be a wiser way to lower your mortgage payments if you plan on moving in the near future.

Refinancing to Cash Out

Are you planning to cash out some of your home equity in your refinance? Perhaps you need to update your kitchen, take care of your college kid's tuition, or go on a dream vacation. So you want to get a loan above the remaining balance on your current mortgage loan.Then you'll need You might not have an increase in your monthly payemnt, though, if you have had your existing mortgage for a while, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out some of your home equity to consolidate additional debt? Yes you can! If you have some higher interest debts (like credit cards or car loans), you might be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of equity.

Building up Equity More Quickly

Do you want to build up equity quicker, and pay off your mortgage more quickly? Consider refinancing with a short-term loan, like a 15-year mortgage loan. Your payments will probably be higher than with a longer term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity quicker. However, if you have had your existing 30 year loan for a number of years and the remaining balance is rather low, you may be able to do this without increasing your monthly payment — it's even possible to save! To help you understand your options and the multiple benefits in refinancing, please contact us at 4078987559. We are here for you.

Want to know more about refinancing? Call us: 4078987559.


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