Which Refinancing Program is Right for You?
There are a huge number of refinancing programs available to borrowers. Call us at (321) 777-7277 and we'll work with you to qualify you for the perfect refinance program to fit your needs. What are your reasons for your refinance loan? Keeping in mind the following will help you begin your decision process.
Reducing Your Monthly Payments
Are achieving better mortgage payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates get higher later, unlike with your ARM, when you close a fixed-rate mortgage, you set the low interest rate for the term of your mortgage. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a great choice. But if you do expect to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower payments.
Is "cashing out" your primary reason for your refinance? Perhaps you need to pay for home improvements, pay your child's college tuition bill, or go on a dream vacation. Then you will need to find a loan higher than the remaining balance on your existing mortgage loan.With this goal, you need You might not increase your mortgage payemnt, however, if you've had your existing mortgage for a long time, and/or your loan interest rate is high.
Do you want to pull out some of your home equity to consolidate other debt? Great idea! If you have the equity in your home to make it work, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you can possible save several hundred dollars each month.
Paying it off Faster
Do you need to build up home equity more quickly, and have your mortgage paid off sooner? If this is your hope, the refinance loan can move you to a mortgage program with a short, for example: a 15 year loan. You will be paying less interest and growing your home equity more quickly, although your monthly payments will usually be more than they were. Conversely, if your existing longer term mortgage has a low balance remaining, and was closed a while ago, you may even 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 (321) 777-7277. We are here to help you reach your goals!
Curious about refinancing your home? Call us at (321) 777-7277.