Which Refinancing Program is Best for You?

Although it may seem like it sometimes, there aren't as many loan options as there are borrowers! Call us at 866-840-8745 x2 and we will match you with the loan program that fits you best. What are your reasons for your refinance loan? Keeping in mind the information below will help you narrow your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. This can be particularly a good option if you aren't expecting a move within the next five years or so. However, an ARM with a low intitial payment may be a better way to reduce your monthly payments if you expect to move in the next few years.

Getting Out some Cash

Is your refinance goal primarily to pull out some home equity for an infusion of cash? Maybe you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. So you will want to apply for a loan for more than the balance remaining of your existing mortgage.In that case, you'll You'll want to find a loan for a higher amount than the current balance of your existing mortgage in that case. You might not have an increase in your monthly payemnt, though, if you have had your current mortgage loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you hold other debt, perhaps with a high interest rate, that you want to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars in your budget each month.

Building up Equity More Quickly

Do you plan to build up equity quicker, and have your mortgage paid off more quickly? If this is your plan, your refinance can switch you to a mortgage loan program with a shorter term, for example: a 15 year loan. Your mortgage payments will probably be more than they were with a long-term loan, but the pay-off is: you will pay quite a bit less interest and will build up equity quicker. However, if you have had your current 30-year loan for a long time and the remaining balance is rather low, you might be able to do this without raising your mortgage payment — it's even possible to save! To help you figure out your options and the many benefits in refinancing, please call us at 866-840-8745 x2. We are here for you.

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

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