Selecting a Refinancing Program
There aren't as many loan program choices as there are borrowers, but it seems like it sometimes! We can guide you to locate the refinance loan program that can fit your needs the best. Call us at 561-395-4264 to get things started. surveying your options, you should determine what you want to achieve with the refinance.
Lowering Your Payments
Are achieving lower payments and a lower rate your main reasons for refinancing? In that case, a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage loan, even as interest rates rise. If you are not expecting to sell your home in the near future (about five years), a fixed-rate mortgage can especially be a wise loan option. 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 reduced mortgage payments.
Getting Out some Cash
Is "cashing out" your main reason for refinancing? Your home needs improvements; your son has gone to college and needs tuition money; or you have a special family vacation planned. So you will want to get a loan above the balance remaining of your existing mortgage loan.In this case, you'll want to find a loan for a bigger amount than the remaining balance on your existing mortgage loan. However, if your mortgage rate is high now and you have held it for a long time, you could be able to reach your goals without making your monthly payments bigger.
Do you want to cash out some equity to consolidate additional debt? Excellent idea! If you hold some higher interest debts (such as credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity.
Paying it off Sooner
Are you wanting to fatten up your equity faster, and pay your mortgage loan off sooner? If this is your goal, your refinance can change you to a mortgage loan program with a short, such as a 15 year loan. The monthly payments will likely be higher than they were with your long-term mortgage loan, but in exchange, that you will pay quite a bit less interest and can build up equity more quickly. On the other hand, if your existing longer term mortgage has a small balance remaining, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you determine your options and the numerous benefits of refinancing, please call us at 561-395-4264. We are here for you.
Curious about refinancing? Call us: 561-395-4264.