Choosing a Refinancing Program

The number of refinance options available can be overwhelming. We can guide you to select the loan program that can fit your situation the best. Contact us at 7202537070 to begin the process. In the interest of looking at your choices, you need to determine your goals for the refinance.

Lowering Your Payments

Are achieving lower mortgage payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage, even when interest rates rise. This kind of loan is particularly a wise option if you aren't expecting a move within the next five years or so. On the other hand, if you do see yourself moving in the near future, an ARM mortgage with a low initial rate may be the best way to lower your monthly payment.

Getting Out some Cash

Are you wanting to cash out some of your equity with your refinance? Perhaps you want to make home improvements, take care of your college kid's tuition, or take a cruise. Then you will want to find a loan above the balance remaining of your existing mortgage loan.So you You will need to get a loan for more than the current balance with your present home loan in this case. If you've had your existing mortgage loan for quite a while and/or have a mortgage with high interest, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Do you want to cash out some of your equity to consolidate other debt? Yes you can! If you have a fair amount of equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might help save you a chunk of cash each month.

Building up Equity More Quickly

Are you planning to fatten your home equity faster, and pay your mortgage loan off more quickly? Then, you'll need to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage program. Although your monthly payments will probably be more, you will be paying less interest; so your home equity will rise up faster. However, if you have had your existing thirty year loan for a long time and the loan balance is somewhat low, you may be do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please call us at 7202537070. We are here for you.

Want to know more about refinancing your home? Call us: 7202537070.