Choosing a Refinancing Program
The number of refinance options available to borrowers can be overwhelming. We can guide you to find the loan program that can fit your situation the best. Call us at 561-395-4264 to begin the process. There are some general questions to ask yourself while you review the options.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan might be a wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage, even when interest rates rise. A fixed-rate mortgage can be particularly a wise option if you aren't planning a move within the next 5 years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower monthly payments.
Refinancing to Cash Out
Is "cashing out" your primary reason for your refinance? Your house needs updating; your son has gone to University and needs tuition money; or you are taking your family on a cruise. So you want to qualify for a loan above the remaining balance on your current mortgage.With this goal, you You will be looking for a loan for more than the current balance of your current mortgage in this case. However, if your mortgage rate is currently high and you have held it for quite a few years, you may be able to achieve your goals without making your mortgage payments bigger.
Consolidating Your Debt
Maybe you'd like to cash out some of the equity in your home (cash out) to put toward other debt. If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars in your budget each month.
Building up Equity More Quickly
Are you dreaming of paying off your loan more quickly, while building up your equity faster? You should consider refinancing with a short-term loan, like a 15-year mortgage loan. Your payments will probably be higher than with a longer term mortgage, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. However, if you've had your current 30 year mortgage for a number of years and the remaining balance is somewhat low, you might be do this without increasing your monthly mortgage payment — you might even be able to save! To help you understand your options and the many benefits in refinancing, please contact us at 561-395-4264. We will help you reach your goals!
Curious about refinancing your home? Give us a call at 561-395-4264.