Refinancing: Which Option is for You?

Although it may seem like it at times, there aren't as many refinance choices as there are applicants! We can help you locate the refinance program that can fit your needs the best. Contact us at 866-840-8745 x2 to get started. 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 refinance goals? In that case, your best option could be a low fixed-rate loan. Perhaps you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even when rates get higher later, unlike with your ARM, when you qualify for a fixed rate mortgage, you lock in that low interest rate for the life of your loan. If you are not expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a good option. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced payments.

Cashing Out

Are you planning to cash out some of your home equity in your refinance? It could be you want to make home improvements, pay your child's college tuition bill, or take your family on a dream vacation. In this case, you want to get a loan for more than the balance remaining of your existing mortgage.With this goal, you'll You'll be looking for a loan for a higher amount than the remaining balance of your current home loan in that case. If you've had your existing mortgage for quite a while and/or have a mortgage loan whose interest rate is high, you might\could be able to do this without making your monthly payment higher.

Debt Consolidation

Do you want to pull out some of your home equity to consolidate additional debt? Great plan! If you have the equity in your home for it, taking care of other high interest debt (like credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars each month.

Building up Equity More Quickly

Are you dreaming of paying off your loan faster, while beefing up your equity quicker? If this is your plan, the refinance can switch you to a loan program with a shorter term, like a 15 year loan. Your mortgage payments will likely be more than they were with a longer term loan, but the pay-off is: you will pay quite a bit less interest and can build up equity more quickly. But, you may be able to switch without a higher monthly mortgage payment if your longer term mortgage was closed a while ago, and the balance remaining is low. You may even make it lower! To help you understand your options and the many benefits in refinancing, please contact us at 866-840-8745 x2. We can help you reach your goals!

Want to know more about refinancing your home? Call us at 866-840-8745 x2.

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