Which Refinancing Program is Best for You?
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The huge number of refinance options available can be overwhelming. We can guide you to locate the refinance loan program that will fit your situation the best. Contact us at 2124733933 to begin the process. surveying your options, you should think about your goals for the refinance.
Reducing Your Monthly Payments
Are you refinancing primarily to lower your rate and monthly payments? Then your best choice could be a low fixed-rate loan. Maybe you are presently in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies : an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. This kind of loan is especially a wise option if you don't think you'll be selling your home within the next five years or so. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.
Refinancing to Cash Out
Is your refinance goal mainly to pull out some home equity for an infusion of cash? Your house needs renovating; your daughter has been accepted to college and needs tuition; or you have a special family vacation planned. With this in mind, you need to get a loan for more than the balance remaining of your present mortgage loan.In this case, you will You'll be looking for a loan for a higher amount than the balance remaining with your current mortgage in this case. However, if your mortgage rate is currently high and you've held it for a long time, you could be able to reach your goals without a rise in your mortgage payment.
Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you own any debt with higher interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the home equity built up to make it work.
Building up Equity Faster
Are you planning to fatten your home equity faster, and get your mortgage paid off sooner? If this is your hope, your refinance mortgage can switch you to a mortgage program with a shorter term, such as a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will generally be higher than they were. On the other hand, if your existing longer term mortgage has a low balance remaining, and was closed a number of years ago, you could be able to make the change without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at 2124733933. We are here for you.
Curious about refinancing? Give us a call: 2124733933.