Which Refinancing Program is Best for You?
The huge number of refinance options available to borrowers can be overwhelming. Call us and we can help you qualify for the best refinance program for your financial needs. In the interest of looking at your options, you will need to determine your goals for your refinance.
Reducing Your Monthly Payments
Are achieving reduced payments and a better rate your main reasons for refinancing? In that case, a good choice may be a low fixed-rate loan. Maybe you are currently in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is particularly a good choice if you aren't planning a move within the next 5 years or so. On the other hand, if you can see yourself selling your home before too long, an ARM with a small initial rate could be the ideal way to bring down your monthly payments.
Is your refinance goal primarily to "cash out" some home equity? Perhaps you want to make home improvements, pay your child's college tuition bill, or take your family on a dream vacation. Basically we will lend on more than you currently owe and you can use the extra money for whatever your needs are. However, if your mortgage rate is high now and you've had it for quite a few years, you may be able to take cash-out of your equity without a rise in your mortgage payment.
Do you want to pull out a portion of your home equity to consolidate additional debt? Good idea! If you have the equity in your home to make it work for you, paying off other debt with higher interest (like credit cards, home equity loans, or car loans) means you may be able to save a substantial amount each month.
Switching to a Shorter Term Loan
Are you dreaming of paying off your loan sooner, while beefing up your home equity quicker? In that case, you'll need to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and increasing your equity faster, although your monthly payments could be more than you were paying. 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 figure out your options and the many benefits in refinancing, we recommend getting your FREE refinance report. Take a look at the numbers and see if any of these refinance options make sense for you.
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