Which Refinancing Program is Best for You?
Even though it may seem like it at times, there are not as many loan programs as there are applicants! Contact us at 9727982110 and we will help you qualify for the best refinance loan for your needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the right option for you. Perhaps you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — in which the rate of interest varies. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the mortgage loan, even if interest rates rise. If you are not expecting to move in the near future (about five years), a fixed rate mortgage loan can particularly be a great loan option. However, if you can see yourself selling your home within the next few years, an adjustable rate mortgage with a low initial rate could be the ideal way to lower your monthly payments.
Are you refinancing mainly to "cash out" some home equity? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a dream vacation. Then you need to get a loan for more than the balance remaining on your current mortgage loan.With this goal, you will want If you've had your existing mortgage loan for quite a while and/or have a mortgage loan whose interest rate is high, you might\could be able to do this without increasing your monthly payment.
Do you have other debt, maybe with higher interest, that you'd like to consolidate? If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly several hundred dollars in your budget each month.
Building up Equity Faster
Are you planning to fatten your home equity faster, and pay off your mortgage loan sooner? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. Although your mortgage payments will usually be more, you will save on interest; so your equity amount will build up faster. Conversely, if your current long-term mortgage loan has a small remaining balance, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you understand your options and the numerous benefits of refinancing, please contact us at 9727982110. We can help you reach your goals!
Want to know more about refinancing? Give us a call: 9727982110.