Which Refinancing Loan Program is Right for You?
Even though it seems like it at times, there aren't as many loan programs as there are borrowers! We can guide you to find the refinance program that will fit your needs the best. Contact us at (321) 777-7277 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 you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even as interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. This can be particularly a wise idea if you don't plan to sell your home within the next five years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.
Getting Out some Cash
Are you refinancing mainly to pull out some of your equity for an infusion of cash? Perhaps you need to make home improvements, take care of your college kid's tuition, or go on a an Alaskan cruise. Then you'll need to look for a loan higher than the remaining balance of your present mortgage loan.In this case, you will You will want to find a loan for a bigger amount than the current balance of your present mortgage in this case. If you've had your current mortgage loan for quite a while and/or have a mortgage loan whose interest rate is high, you may be able to do this without making your monthly payment bigger.
Do you have other debt, maybe with a high interest rate, that you'd like to consolidate? If you own any debt with high interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of home equity.
Building up Equity Faster
Are you planning to fatten up your equity faster, and pay off your mortgage loan sooner? Then, you'll need to find out about refinancing to a short term mortgage - like a fifteen-year mortgage program. You will be paying less interest and increasing your home equity faster, even though your mortgage payments will likely be more than they were. On the other hand, if your existing long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you may be able to make the change without paying more each month. To help you understand your options and the numerous benefits in refinancing, please contact us at (321) 777-7277. We will help you reach your goals!
Want to know more about refinancing your home? Call us: (321) 777-7277.