Selecting a Refinancing Loan
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There are a huge number of refinancing options available to borrowers. We can help you find the loan program that will fit your financial situation the best. Contact us at 5627733870 to get started. There are some general questions to ask yourself as you consider the choices.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal loan program for you. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — in which the interest rate varies. Even when interest rates rise, a fixed rate mortgage must stay at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about five years), a fixed-rate mortgage can especially be a wise loan option. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate could be the ideal way to lower your monthly payments.
Refinancing to Cash Out
Is "cashing out" your main purpose for your refinance? Perhaps you need to pay for home improvements, take care of your college kid's tuition, or go on a dream vacation. So you will need to find a loan higher than the remaining balance on your present mortgage.So you need If you've had your existing mortgage loan for a number of years and/or have a mortgage with high interest, you may be able to do this without increasing your monthly payment.
Consolidating Your Debt
Perhaps you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have built up some equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a lot of cash every month.
Getting a Shorter Term Loan
Are you hoping to fatten up your equity faster, and pay your mortgage off more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage. Your payments will probably be higher than with your long-term mortgage loan, but in exchange, that you will pay substantially less interest and will build up equity quicker. 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 move without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please contact us at 5627733870. We will help you reach your goals!
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