Which Refinancing Program is Best for You?
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When you are overwhelmed with so many options, it may seem as if there are even more refinance loan programs than borrowers! Contact us at 5208867283 and we can match you with the refinance loan program that best fits you. What do you hope to achieve with refinancing? Considering in mind the information below will help you begin your decision process.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? Then the best option could be a low fixed-rate loan. Perhaps you now hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Even if interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. This is particularly a wise option if you aren't expecting a move within the next 5 years or so. However, an ARM with a low initial payment may be a better way to lower your monthly payments if you expect to move in the next few years. By refinancing your current mortgage, you could wind up paying more in finance charges over the life of the loan.
Getting Out Some Cash
Is your refinance goal mainly to "cash out" some home equity? Your house needs new carpet; your son has been accepted to University and needs tuition; or you are planning a special vacation. With this in mind, you need to find a loan higher than the balance remaining on your present mortgage.Then you need If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment bigger.
Do you have other debt, perhaps with high interest, that you want to consolidate? If you have a fair amount of equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could help save you a chunk of money each month.
Paying it off Faster
Are you dreaming of paying your loan off faster, while beefing up your equity faster? Consider refinancing with a short-term loan, such as a 15-year mortgage. You will be paying less interest and increasing your equity faster, although your mortgage payments will generally be higher than they were. On the other hand, if your current longer term loan has a low balance remaining, and was closed a while ago, you might be able to make the switch without paying more each month. To help you understand your options and the numerous benefits of refinancing, please call us at
5208867283. We can help you reach your goals!
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