Which Refinancing Option is Right for You?
There aren't as many refinance loan programs as there are applicants, but at times it seems like it! We can help you select the refinance loan program that will fit your needs the best. Call us at 561-395-4264 to begin the process. In order to review your options, you should list your goals for the refinance.
Lowering Your Payments
Are achieving lower mortgage payments and a better rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even as interest rates rise, a fixed rate mortgage will remain at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise loan option. However, an ARM with a initial low payment could be a smarter way to lower your mortgage payments if you plan on moving in the next few years.
Refinancing to Cash Out
Is your refinance goal primarily to "cash out" some home equity? Your home needs updating; your daughter has been accepted to college and needs tuition; or you are planning a special vacation. Then you will need to find a loan higher than the remaining balance of your current mortgage loan.So you'll want You may not have an increase in your monthly payemnt, though, if you've had your existing loan for a number of years, and/or your loan interest rate is high.
Do you hold other debt, perhaps with a higher interest rate, that you want to consolidate? If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you can possible save several hundred dollars per month.
Getting a Shorter Term Loan
Are you wanting to fatten up your home equity faster, and pay your mortgage loan off sooner? Consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Even though your mortgage payments will likely be more, you can be paying less interest; so your equity amount will build up faster. But, you could be able to switch without a bigger monthly mortgage payment if your longer term mortgage loan was closed a while back, and the remaining balance is small. You could even make it lower! To help you figure out 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 at 561-395-4264.