Refinancing: Which Program is for You?
There are a huge number of refinancing programs available to borrowers. Contact us at 4078987559 and we will work with you to qualify you for the best refinance loan program for your financial needs. There are several questions to ask yourself while you review your choices.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a good choice could be a low fixed-rate loan. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. This is especially a wise idea if you don't think you will sell your home within the next five years or so. However, an ARM with a low intitial payment may be a wiser way to lower your mortgage payments if you expect to move in the near future.
Are you hoping to cash out some of your home equity with your refinance? It could be you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. With this in mind, you will need to get a loan above the balance remaining of your existing mortgage.So you want You may not increase your mortgage payemnt, however, if you have had your existing mortgage loan for a while, and/or your loan interest rate is high.
Consolidating Your Debt
Do you hold other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have enough home equity, taking care of other debt with rates higher than your home loan (credit cards or home equity loans, for example) might help save you a lot of money each month.
Paying it off Sooner
Are you hoping to fatten your equity faster, and pay your mortgage off more quickly? Then, you want to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Your payments will likely be higher than with your longer term loan, but the pay-off is: you will pay considerably less interest and can build up equity quicker. However, if you have had your existing 30-year mortgage for a number of years and the remaining balance is somewhat low, you may be able to do this without raising your mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 4078987559. We will help you reach your goals!
Curious about refinancing? Give us a call: 4078987559.