Choosing a Refinancing Program
The number of refinance options available can be overwhelming. Contact us at 9164348915 and we can help you qualify for the perfect refinance program to fit your financial situation. In order to review your options, you need to determine your goals for the refinance.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right loan program for you. Perhaps you now have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — with which the rate of interest varies. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your mortgage, even as interest rates rise. If you plan to live in your home for about five more years, a loan with a fixed rate may be a particulary good choice for you. However, an ARM with a low intitial payment may be a wiser way to lower your monthly payments if you expect to move in the near future.
Refinancing to Cash Out
Is "cashing out" your main purpose for your refinance? Perhaps you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you are updating your kitchen. In this case, you'll need to find a loan above the remaining balance on your existing mortgage loan.In that case, you'll want to find a loan program for a higher number than the remaining balance on your present mortgage. However, if your loan interest rate is currently high and you've held it for a long time, you could be able to achieve your goals without a rise in your mortgage payment.
Consolidating Your Debt
Perhaps you want to pull out some equity (cash out) to use toward other debt. If you own any debt with higher interest (like credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.
Building up Equity Faster
Are you dreaming of paying off your loan sooner, while building up your equity faster? Then, you'll need to look into refinancing to a short term mortgage - like a fifteen-year mortgage program. You will be paying less interest and growing your home equity more quickly, although your mortgage payments will generally be bigger than you have been paying. But, you may be able to switch without much increase in your monthly payment if your longer term mortgage loan was closed a while back, and the balance remaining is small. You could even pay less! To help you determine your options and the numerous benefits of refinancing, please contact us at 9164348915. We would love to help you reach your goals!
Want to know more about refinancing your home? Give us a call: 9164348915.