Selecting a Refinancing Option

The huge number of refinance options available to borrowers is truly breathtaking. We can help you choose the refinance loan program that can fit your situation the best. Call us at 866-840-8745 x2 to get things started. In the interest of looking at your options, you should list your goals for the refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the right choice for you. Perhaps you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of the mortgage loan, even if interest rates rise. This is particularly a wise option if you aren't expecting a move within the next five years or so. However, an ARM with a low intitial payment could be a smarter way to lower your monthly payments if you see yourself moving within the near future.

Getting Out some Cash

Is your refinance goal mainly to pull out some of your home equity for an infusion of cash? Maybe you need to make home improvements, pay your child's college tuition bill, or go on a dream vacation. In this case, you'll need to qualify for a loan higher than the remaining balance of your present mortgage.Then you You'll be looking for a loan for a higher amount than the balance remaining on your existing home loan in that case. If you've had your existing mortgage loan for quite a while and/or have a loan whose interest rate is high, you may be able to do this without increasing your monthly payment.

Debt Consolidation

Maybe you hope to cash out some of the equity in your home (cash out) to put toward other debt. If you own some debt with higher interest (like credit cards or vehicle loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of home equity.

Paying it off Sooner

Are you dreaming of paying off your loan faster, while beefing up your home equity faster? If this is your plan, the refinance loan can switch you to a mortgage program with a short, such as a 15 year loan. Your mortgage payments will probably be more than they were with the long-term mortgage loan, but the pay-off is: that you will pay substantially less interest and can build up equity quicker. However, if you have had your existing thirty-year loan for a number of years and the loan balance is rather low, you may be do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please contact us at 866-840-8745 x2. We are here for you.

Curious about refinancing your home? Call us: 866-840-8745 x2.

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