Selecting a Refinancing Loan
Although it seems like it at times, there are not as many refinance loan programs as there are applicants! Call us at (800)593-0143 and we can help you qualify for the perfect loan program to fit your needs. There are several things to keep in mind while you look at the choices.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan may be a wise option for you. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of your loan, even if interest rates rise. A fixed-rate mortgage is particularly a good idea if you aren't planning a move within the next 5 years or so. On the other hand, if you do see yourself moving before too long, an adjustable rate mortgage with a low initial rate may be the best way to reduce your monthly payment.
Cashing Out
Are you refinancing primarily to pull out some of your home equity for an infusion of cash? It could be you want to pay for home improvements, pay your child's college tuition bill, or go on a dream vacation. In this case, you'll want to get a loan for more than the balance remaining of your existing mortgage.In that case, you need However, if your mortgage rate is currently high and you have held it for quite a few years, you could be able to accomplish your goals without a rise in your mortgage payment.
Debt Consolidation
Perhaps you hope to cash out a portion of the equity (cash out) to put toward other debt. If you have enough home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could help save you a lot of cash each month.
Getting a Shorter Term Loan
Do you need to build up home equity more quickly, and pay off your mortgage more quickly? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and increasing your home equity faster, even though your payments will likely be higher than you have been paying. Conversely, if your current long-term mortgage loan has a low balance remaining, and was closed a while ago, you may be able to make the switch without paying more each month. To help you determine your options and the numerous benefits in refinancing, please call us at (800)593-0143. We are here for you.
Want to know more about refinancing your home? Give us a call: (800)593-0143.