Which Refinancing Program is Best for You?
The huge number of refinance options available to borrowers is truly breathtaking. We can guide you to choose the refinance program that will fit your needs the best. Contact us at 9727982110 to get things started. There are several things to bear in mind while you review your options.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan might be a good option for you. Perhaps you are now in a loan with a high, fixed interest rate, or a loan in which the interest rate varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you expect to live in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate to get reduced payments.
Are you refinancing primarily to "cash out" some home equity? Your house needs renovating; your daughter has gone to college and needs tuition; or you are planning a special vacation. Then you need to get a loan higher than the balance remaining on your current mortgage.In that case, you want You might not have an increase in your mortgage payemnt, though, if you've had your existing mortgage for a number of years, and/or your interest rate is high.
Perhaps you'd like to cash out some equity in your home (cash out) to put toward other debt. If you have the home equity to make it work, taking care of other high interest debt (for example: home equity loans, student loans, or credit cards) means you can possible save several hundred dollars in your monthly budget.
Paying it off Faster
Are you dreaming of paying your loan off more quickly, while beefing up your home equity quicker? If this is your hope, your refinance mortgage can move you to a loan program with a short, such as a 15 year loan. Even though your mortgage payments will likely be increased, you can save on interest; so your equity will rise up faster. But, you could be able to switch without much increase in your monthly payment if your long term mortgage was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you determine your options and the many benefits in refinancing, please call us at 9727982110. We are here for you.
Want to know more about refinancing? Call us at 9727982110.