Which Refinancing Option is Right for You?

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There are an enormous number of refinancing options available to borrowers. We can guide you to locate the loan program that can fit your financial situation the best. Call us at 4402349660 to get things started. In order to review your choices, you'll need to determine your goals for the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even if rates come up later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low interest rate for the life 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 five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced payments. Refinancing may also cause your finance charges to be more over the life of the loan.

Refinancing to Cash Out

Are you refinancing primarily to "cash out" some home equity? Perhaps you're going on a much needed vacation; you need to pay college tuition for your child; or you are updating your kitchen. So you need to get a loan for more than the remaining balance on your current mortgage loan.In this case, you will You'll want to get a loan for a bigger amount than the remaining balance on your present mortgage in that case. You might not increase your mortgage payment, though, if you have had your current loan for a long time, and/or your interest rate is high.

Consolidating Your Debt

Maybe you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have the home equity to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars monthly.

Building up Equity More Quickly

Are you dreaming of paying off your loan more quickly, while building up your equity more quickly? Consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. Even though your mortgage payment amount will usually be more, you will be paying less interest; so your home equity will build up faster. Conversely, if your current long-term loan has a low remaining balance, and was closed a while ago, you might be able to make the change without paying more each month. To help you understand your options and the many benefits in refinancing, please contact us at 4402349660. We can help you reach your goals!