Selecting a Refinancing Option
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Even though it may seem like it sometimes, there are not as many loan options as there are applicants! We can guide you to choose the loan program that will fit your situation the best. Contact us at (888) 525-6267 to get started. In the interest of looking at your choices, you can determine what you want to achieve with your refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good choice may be a low fixed-rate loan. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about 5 years), a fixed-rate mortgage can particularly be a great option. However, an ARM with a initial low payment could be a smarter way to lower your mortgage payments if you see yourself moving in the next few years.
Are you hoping to cash out some of your equity in your refinance? Your home needs improvements; your son has gone to University and needs tuition; or you have a special family vacation planned. With this in mind, you'll want to apply for a loan for more than the remaining balance on your current mortgage.So you'll You'll need to qualify for a loan for a bigger amount than the remaining balance of your present mortgage in that case. However, if your loan interest rate is high now and you have held it for quite a few years, you may be able to accomplish your goals without a rise in your mortgage payment.
Do you want to pull out some home equity to consolidate other debt? Yes you can! If you have built up some equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of cash every month.
Building up Equity More Quickly
Are you dreaming of paying your loan off faster, while beefing up your home equity quicker? If this is your plan, the refinance loan can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. Even though your monthly payment amount will likely be more, you will be paying less interest; so your home equity will build up faster. However, if you've held your current 30-year loan for a long time and the remaining balance is relatively low, you may be able to do this without raising your monthly payment — you might even be able to save! To help you figure out your options and the multiple benefits of refinancing, please contact us at (888) 525-6267. We would love to help you reach your goals!
Curious about refinancing your home? Give us a call: (888) 525-6267.