Choosing a Refinancing Program
There are an enormous number of refinancing options available to borrowers. We can guide you to select the refinance program that will fit your needs the best. Contact us at 561-395-4264 to begin the process. What do you hope to achieve with your refinance loan? Keeping in mind the information below will help you begin your decision process.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal choice for you. Maybe you currently hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — with which the interest rate varies. Even if rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low rate for the life of your mortgage. If you expect to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good choice for you. However, an ARM with a initial low payment may be a better way to lower your mortgage payments if you plan on moving in the near future.
Are you hoping to cash out some of your equity in your refinance? Maybe you want to make home improvements, pay your child's college tuition bill, or take your dream vacation. Then you'll need to find a loan higher than the remaining balance on your existing mortgage.So you'll need If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment higher.
Do you want to cash out some of your home equity to consolidate other debt? Yes you can! If you have the equity in your home to make it work, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can save possibly hundreds of dollars monthly.
Getting a Shorter Term Loan
Are you dreaming of paying off your loan more quickly, while beefing up your home equity quicker? If this is your wish, your refinance loan can change you to a mortgage loan program with a shorter term, such as a 15 year loan. Although your mortgage payments will usually be more, you can save on interest; so your home equity will rise up faster. But, you may be able to make the change without a higher monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the balance remaining is somewhat low. You may even make it lower! To help you understand your options and the numerous benefits in refinancing, please contact us at 561-395-4264. We are here for you.
Want to know more about refinancing? Give us a call: 561-395-4264.