Refinancing: Which Program is for You?

Shopping for a mortgage? We will be glad to help! Call us at (866) 298-0700. Want to get started?PreQualify Now.

There are not as many refinance loan options as there are borrowers, but it seems like it at times! Call us at (866) 298-0700 and we can match you with the loan program that best fits you. What do you hope to achieve with your refinance loan? Considering in mind the following will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Maybe you currently have a fixed-rate mortgage with a higher rate, or maybe you have an ARM β€” adjustable rate mortgage β€” with which the interest rate varies. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the loan, even as interest rates rise. This is especially a wise option if you aren't planning a move within the next five years or so. However, if you do see yourself moving before too long, an adjustable rate mortgage with a low initial rate could be the best way to reduce your monthly payment.

Getting Out some Cash

Are you wanting to cash out some of your home equity in your refinance? Maybe you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. Then you need to apply for a loan above the remaining balance on your existing mortgage.So you will You will be looking for a loan for more than the remaining balance on your existing mortgage in this case. However, if your mortgage rate is high now and you have held it for a long time, you may be able to reach your goals without making your monthly payments increase.

Consolidating Your Debt

Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have the home equity for it, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars monthly.

Paying it off Sooner

Are you wanting to fatten your equity faster, and get your mortgage paid off more quickly? In that case, you'll want to look into refinancing to a short term mortgage loan - like a fifteen-year loan. Even though your mortgage payment amount will probably be more, you will save on interest; so your equity amount will rise up faster. On the other hand, if your current long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at (866) 298-0700. We are here for you.

Want to know more about refinancing your home? Call us at (866) 298-0700.