Which Refinancing Option is Right for You?
When you are overwhelmed with so many choices, it may seem as if there are even more loan programs than applicants! We can guide you to find the refinance loan program that can fit your needs the best. Contact us at 9094671090 to get things started. There are several things to keep in mind while you review your choices.
Reducing Your Monthly Payments
Are achieving better payments and a better rate your main reasons for refinancing? Then your best choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the loan, even if interest rates rise. A fixed-rate mortgage can be particularly a good choice if you aren't expecting a move within the next 5 years or so. On the other hand, if you can see yourself selling your home within the next few years, an ARM with a low initial rate might be the ideal way to bring down your monthly payments.
Are you planning to cash out some of your home equity in your refinance? Perhaps you need to update your kitchen, pay your child's college tuition bill, or go on a an Alaskan cruise. Then you need to get a loan for more than the remaining balance on your present mortgage loan.Then you need If you've had your existing mortgage for a number of years and/or have a mortgage loan whose interest rate is high, you may be able to do this without increasing your monthly payment.
Do you hold other debt, maybe with a high interest rate, that you need to consolidate? If you have enough home equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a chunk of cash every month.
Paying it off Faster
Are you dreaming of paying off your loan more quickly, while building up your home equity quicker? Then, you'll want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity more quickly, although your mortgage payments will likely be bigger than they were. Conversely, if your current long-term loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you understand your options and the numerous benefits of refinancing, please call us at 9094671090. We are here to help you reach your goals!
Curious about refinancing? Call us: 9094671090.