Which Refinancing Loan Program is Best for You?

There are a huge number of refinancing options available to borrowers. Contact us at 9164348915 and we will work with you to qualify you for the right refinance loan program for your situation. There are several things to bear in mind while you consider your options.

Reducing Your Monthly Payments

Are getting reduced payments and a better rate your main reasons for refinancing? Then the best choice may be a low fixed-rate loan. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when rates come up later, unlike with your ARM, when you get a fixed-rate mortgage, you set the low interest rate for the life of your mortgage. If you are not planning on moving in the near future (about 5 years), a fixed-rate mortgage can especially be a great option. However, if you do see yourself selling your home within several years, an ARM with a small initial rate may be the best way to reduce your monthly payments.

Cashing Out

Are you wanting to cash out some of your home equity in your refinance? It could be you're planning a special vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you will need to qualify for a loan for more than the balance remaining on your current mortgage loan.Then you You'll be looking for a loan for a bigger amount than the balance remaining of your existing mortgage in that case. You may not increase your monthly payemnt, though, if you have had your existing mortgage for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Do you have other debt, maybe with a higher interest rate, that you want to consolidate? If you have any debt with high interest (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have the right amount of home equity.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while building up your home equity quicker? You should consider refinancing with a short-term loan, such as a 15-year mortgage. You will be paying less interest and increasing your equity more quickly, although your mortgage payments will generally be bigger than you were paying. On the other hand, if your existing long-term loan has a small balance remaining, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at 9164348915. We will help you reach your goals!

Curious about refinancing your home? Call us at 9164348915.

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