Refinancing: Which Program is for You?

There are an enormous number of refinancing programs available to borrowers. We can guide you to select the loan program that can fit your financial situation the best. Contact us at (321) 777-7277 to begin the process. surveying your options, you should think about your goals for your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, the best option could be a low fixed-rate loan. Perhaps you now have a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even when interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you plan to stay in your home for about five more years, a loan with a fixed rate may be an especially good choice for you. However, an ARM with a low intitial payment may be a wiser way to lower your payments if you plan on moving within the near future.

Cashing Out

Is "cashing out" your primary reason for your refinance? Your home needs improvements; your daughter has gone to college and needs tuition; or you have a special family vacation planned. In this case, you want to get a loan for more than the remaining balance of your current mortgage loan.In this case, you want If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.

Debt Consolidation

Perhaps you'd like to cash out some equity in your home (cash out) to use toward other debt. If you have enough home equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a lot of cash each month.

Getting a Shorter Term Loan

Are you hoping to fatten up your home equity faster, and pay your mortgage off sooner? Then, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year loan. You will be paying less interest and growing your home equity more quickly, even though your mortgage payments will generally be bigger than you have been paying. But, you could be able to switch without a higher monthly mortgage payment if your longer term mortgage was closed a while ago, and the remaining balance is small. You may even make it lower! To help you understand your options and the multiple 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.

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