Selecting a Refinancing Program

Even though it seems like it sometimes, there are not as many loan programs as there are applicants! We can help you choose the refinance loan program that can fit your financial situation the best. Contact us at 561-395-4264 to get started. What are your reasons for your refinance loan? Considering in mind the information below will help you narrow your choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan may be a good choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you set that low interest rate for the life of your mortgage. If you are expecting to live in your home for about five more years, a fixed rate mortgage may be an especially good fit for you. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate could be the ideal way to lower your monthly payments.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? It could be you need to make home improvements, take care of your college kid's tuition, or go on a dream vacation. With this in mind, you'll need to find a loan above the balance remaining on your current mortgage loan.So you will You will be looking for a loan for more than the balance remaining on your current mortgage in that case. If you've had your existing mortgage loan for quite a while and/or have a mortgage with high interest, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Do you hold other debt, maybe with a high interest rate, that you want to consolidate? If you own some higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the home equity built up to make it work.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan more quickly, while beefing up your home equity quicker? Then, you'll want to find out about refinancing to a short term mortgage - for example, a fifteen-year loan. You will be paying less interest and increasing your equity more quickly, even though your payments will likely be higher than they were. But, you could be able to make the change without much increase in your monthly mortgage payment if your longer term loan was closed a while back, and the remaining balance is small. You may even make it lower! To help you determine your options and the numerous benefits in refinancing, please call us at 561-395-4264. We are here for you.

Curious about refinancing? Give us a call: 561-395-4264.

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