Refinancing: Which Loan Program is for You?

Although it may seem like it sometimes, there aren't as many loan programs as there are borrowers! Call us at 4078987559 and we can help you qualify for the perfect refinance loan to fit your needs. In the interest of looking at your options, you will need to think about your goals for the refinance.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan may be a good choice for you. Perhaps you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your loan, even as interest rates rise. A fixed-rate mortgage is particularly a wise choice if you aren't planning a move within the next five years or so. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate to get lower mortgage payments.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? It could be you want to pay for home improvements, pay your child's college tuition bill, or go on a special family vacation. Then you'll need to get a loan for more than the balance remaining of your present mortgage loan.With this goal, you will You'll need to find a loan for a higher amount than the remaining balance on your present mortgage in this case. If you've had your current mortgage for a long time and/or have a mortgage loan whose interest rate is high, you may be able to do this without making your mortgage payment bigger.

Consolidating Debt

Do you want to pull out a portion of your home equity to consolidate other debt? Great idea! If you have a fair amount of equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of cash each month.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan faster, while beefing up your equity quicker? You should consider refinancing with a short-term loan, such as a 15-year mortgage loan. Although your monthly payment amount will likely be increased, you will save on interest; so your equity amount will build up faster. But, you might be able to make the change without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the balance remaining is low. You could even pay less! To help you determine your options and the multiple benefits in refinancing, please call us at 4078987559. We would love to help you reach your goals!

Curious about refinancing your home? Give us a call at 4078987559.


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2306 Curry Ford Rd
Orlando, FL 32806