Refinancing: Which Program is for You?

There are not as many loan program choices as there are applicants, but it feels like it at times! Call us at 866-840-8745 x2 and we can help you qualify for the right refinance loan to fit your needs. There are several questions to ask yourself while you look at the choices.

Reducing Your Monthly Payments

Are getting reduced monthly payments and a better rate your main refinance goals? In that case, a good choice may be a low fixed-rate loan. Maybe you now hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — with which the interest rate can vary. Even if rates rise later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock in the low interest rate for the life of your mortgage. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a great loan option. However, if you can see yourself moving within several years, an ARM mortgage with a low initial rate might be the best way to reduce your monthly payment.

Getting Out some Cash

Are you hoping to cash out some of your equity with your refinance? Your house needs new carpet; your son has gone to University and needs tuition money; or you are taking your family on a cruise. Then you will need to find a loan above the balance remaining of your present mortgage.Then you You will be looking for a loan for a bigger amount than the balance remaining on your present mortgage in that case. 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 bigger.

Consolidating Debt

Do you want to cash out some of your equity to consolidate other debt? Yes you can! If you have enough home equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) might help save you a chunk of money each month.

Switching to a Shorter Term Loan

Are you hoping to fatten up your home equity faster, and get your mortgage paid off more quickly? If this is your wish, your refinance mortgage can change you to a mortgage program with a short, for example: a 15 year loan. The payments will likely be more than with a long-term mortgage loan, but in exchange, that you will pay substantially less interest and will build up equity quicker. However, if you have had your current thirty year mortgage for a long time and the loan balance is somewhat low, you might be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 866-840-8745 x2. We are here for you.

Curious about refinancing your home? Give us a call at 866-840-8745 x2.

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