Selecting a Refinancing Loan
There are not as many loan program choices as there are borrowers, but it feels like it at times! We can help you find the loan program that will fit your situation the best. Contact us at 9727982110 to get started. What are your reasons for refinancing? Keeping in mind the information below will help you begin your decision process.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the ideal choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even when rates come up later, unlike with your ARM, when you close a fixed rate mortgage, you lock in the low rate for the life of your mortgage. If you aren't planning a move in the near future (about five years), a fixed-rate mortgage can particularly be a good loan option. However, an ARM with a initial low payment may be a better way to lower your mortgage payments if you expect to move within the near future.
Are you refinancing primarily to "cash out" some home equity? Maybe you need to pay for home improvements, pay your child's college tuition bill, or go on a dream vacation. Then you want to get a loan for more than the remaining balance of your present mortgage loan.With this goal, you will want However, if your loan interest rate is currently high and you have held it for a long time, you could be able to reach your goals without an increase in your mortgage payment.
Consolidating Your Debt
Maybe you'd like to cash out a portion of the equity in your home (cash out) to put toward other debt. If you have a fair amount of home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a chunk of money every month.
Getting a Shorter Term Loan
Do you want to build up equity more quickly, and have your mortgage paid off sooner? Consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your mortgage payments will probably be more than they were with the longer term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity more quickly. However, if you have had your existing 30-year mortgage for a long time and the remaining balance is relatively low, you might be do this without raising your monthly mortgage payment — you may even be able to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 9727982110. We would love to help you reach your goals!
Want to know more about refinancing? Call us: 9727982110.