Which Refinancing Program is Right for You?
Even though it may seem like it at times, there are not as many loan options as there are applicants! Contact us at (440) 234-9660 and we'll help you qualify for the best refinance loan for your financial needs. There are several questions to ask yourself while you consider your options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then the best option may be a low fixed-rate loan. Perhaps you are currently in a loan with a high, fixed interest rate, or a loan with which the interest rate 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 your loan, even as interest rates rise. If you are not expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can especially be a great loan option. However, if you do see yourself moving in the near future, an adjustable rate mortgage with a small initial rate might be the ideal way to lower your monthly payment.
Is "cashing out" your primary reason for refinancing? Maybe you want to update your kitchen, pay your child's college tuition bill, or take a cruise. In this case, you want to apply for a loan above the balance remaining of your existing mortgage.In this case, you want to find a loan program for a higher amount than the remaining balance on your existing mortgage. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.
Consolidating Your Debt
Perhaps you'd like to pull out some equity in your home (cash out) to put toward other debt. If you have the home equity to make it work, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars per month.
Switching to a Shorter Term Loan
Are you dreaming of paying off your loan faster, while building up your equity quicker? Then, you want to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. Your payments will probably be higher than with a long-term loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity more quickly. However, if you've had your current thirty year loan for a long time and the loan balance is somewhat low, you could be able to do this without raising your monthly payment — you may even be able to save! To help you determine your options and the many benefits of refinancing, please call us at (440) 234-9660. We are here to help you reach your goals!
Want to know more about refinancing? Call us: (440) 234-9660.