Which Refinancing Option is Best for You?
There are an enormous number of refinancing options available to borrowers. We can guide you to locate the refinance program that can fit your needs the best. Call us at (440) 234-9660 to begin the process. What are your reasons for your refinance loan? Considering in mind the following will help you narrow your choices.
Making Your Payments Lower
Are achieving lower payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan could be a good choice for you. Perhaps you currently have a fixed-rate mortgage with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Even when rates come up later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low rate for the term of your mortgage. A fixed-rate mortgage can be especially a wise option if you don't think you'll be moving within the next 5 years or so. On the other hand, if you can see yourself moving in the near future, an ARM mortgage with a low initial rate may be the ideal way to reduce your monthly payments.
Getting Out some Cash
Is your refinance goal mainly to pull out some equity for an infusion of cash? It could be you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. In this case, you will want to apply for a loan above the balance remaining of your current mortgage.Then you will need If you've had your current mortgage loan for a number of years and/or have a mortgage loan with a high interest rate, you might\could be able to do this without making your monthly payment higher.
Consolidating Your Debt
Do you want to pull out a portion of your equity to consolidate additional debt? Great plan! If you have enough equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a lot of cash every month.
Switching to a Shorter Term Loan
Are you dreaming of paying your loan off faster, while building up your home equity faster? Then, you'll need to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage loan. Your mortgage payments will probably be more than with the long-term loan, but the pay-off is: you will pay considerably less interest and can build up equity quicker. However, if you have had your existing thirty year loan for a long time and the loan balance is rather low, you might be do this without increasing your mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please call us at (440) 234-9660. We are here for you.
Want to know more about refinancing? Give us a call at (440) 234-9660.