Refinancing: Which Option is for You?

	Looking for a mortgage loan? We can assist you! Call us at 877-210-6899. Ready to get started? Apply Online Now.

There are not as many refinance loan options as there are applicants, but sometimes it feels like it! We can guide you to choose the refinance program that will fit your situation the best. Contact us at 877-210-6899 to begin the process. There are some general things to have in mind as you consider your choices.

Reducing Your Monthly Payments

Are achieving lower mortgage payments and a better rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low rate for the life of your loan. A fixed-rate mortgage is especially a good idea if you don't think you will sell your home within the next 5 years or so. But if you do plan to sell your home more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Cashing Out

Is your refinance goal mainly to pull out some of your home equity for an infusion of cash? Your home needs improvements; your daughter has been accepted to University and needs tuition money; or you are planning a special vacation. With this in mind, you need to qualify for a loan above the balance remaining on your existing mortgage loan.So you'll want to qualify for a loan for a bigger amount than the balance remaining on your present mortgage loan. However, if your loan interest rate is currently high and you've held it for quite a few years, you may be able to reach your goals without a rise in your mortgage payment.

Consolidating Debt

Do you want to pull out some of your equity to consolidate other debt? Yes you can! If you have a fair amount of equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) could help save you a lot of money each month.

Building up Equity More Quickly

Do you want to build up home equity quicker, and have your mortgage paid off sooner? If this is your hope, the refinance can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and increasing your home equity faster, even though your payments will likely be bigger than you were paying. However, if you have had your existing 30-year loan for a long time and the loan balance is rather low, you could be able to do this without raising your monthly payment — it's even possible to save! To help you determine your options and the multiple benefits in refinancing, please contact us at 877-210-6899. We are here for you.

Curious about refinancing? Give us a call: 877-210-6899.