Selecting a Refinancing Option

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The huge number of refinance options available to borrowers can be overwhelming. Call us at 6784672330 and we will work with you to qualify you for the best refinance loan program for your financial needs. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you narrow your choices.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of the loan, even when interest rates rise. If you expect to stay in your home for at least five more years, a fixed rate loan may be an especially good option for you. However, if you do see yourself selling your home within the next few years, an ARM mortgage with a small initial rate may be the ideal way to reduce your monthly payment. Refinancing may also cause your total finance charges to be higher over the life of the loan.

Cashing Out

Is "cashing out" your main reason for refinancing? Perhaps you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. Then you will need to qualify for a loan above the remaining balance on your existing mortgage loan.So you'll want to find a loan for a bigger amount than the balance remaining on your existing mortgage. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment bigger.

Consolidating Your Debt

Do you want to pull out some of your equity to consolidate additional debt? Great idea! If you have built up some equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of cash every month.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while beefing up your equity quicker? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Even though your mortgage payments will probably be increased, you can be paying less interest; so your equity amount will build up faster. However, if you've had your existing 30 year mortgage for a long time and the remaining balance is rather low, you might be able to do this without raising your monthly mortgage payment — you might even be able to save! To help you figure out your options and the numerous benefits of refinancing, please contact us at 6784672330. We will help you reach your goals!