Choosing a Refinancing Program
Although it may seem like it at times, there aren't as many loan programs as there are borrowers! Contact us at (321) 777-7277 and we can help you qualify for the best loan program to fit your financial needs. There are some general questions to ask yourself while you consider the choices.
Reducing Your Monthly Payments
Are achieving reduced mortgage payments and a better rate your main refinance goals? Then a low, fixed rate loan may be the ideal choice for you. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your mortgage, even if 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 particularly be a good choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower payments.
Refinancing to Cash Out
Is "cashing out" your primary reason for refinancing? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a special family vacation. So you will need to apply for a loan above the remaining balance on your present mortgage loan.In this case, you'll want You might not increase your mortgage payemnt, however, if you have had your existing mortgage loan for a while, and/or your loan interest rate is high.
Perhaps you hope to cash out some of the home equity (cash out) to put toward other debt. If you have enough equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) might help save you a lot of cash each month.
Switching to a Shorter Term Loan
Are you hoping to fatten up your home equity faster, and pay your mortgage loan off more quickly? If this is your hope, the refinance mortgage can change you to a mortgage loan program with a short, for example: a 15 year loan. Your payments will likely be higher than with the long-term loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity more quickly. But, you could be able to make the change without a higher monthly mortgage payment if your long term mortgage was closed a while ago, and the remaining balance is low. You may even pay less! To help you figure out your options and the many benefits in refinancing, please contact us at (321) 777-7277. We are here for you.
Want to know more about refinancing your home? Give us a call: (321) 777-7277.