Selecting a Refinancing Option
Even though it may seem like it at times, there aren't as many loan options as there are borrowers! Call us at 561-475-2281 and we'll help you qualify for the right refinance loan for your financial situation. surveying your choices, you need to think about your goals for your refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best option for you. Perhaps you are currently in a mortgage loan with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates get higher later, unlike with your ARM, when you close a mortgage with a fixed rate, you lock in the low interest rate for the life of your loan. If you plan to live in your home for at least five more years, a loan with a fixed rate may be a particulary good fit for you. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced payments.
Refinancing to Cash Out
Are you wanting to cash out some of your home equity in your refinance? Your house needs updating; your son has gone to University and needs tuition money; or you have a special family vacation planned. In this case, you'll want to get a loan above the remaining balance on your existing mortgage loan.In this case, you will want You may not increase your mortgage payemnt, though, if you've had your current mortgage for a long time, and/or your loan interest rate is high.
Do you hold other debt, perhaps with high interest, that you'd like to consolidate? If you hold some higher interest debts (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.
Paying it off Faster
Are you dreaming of paying your loan off sooner, while building up your equity faster? If this is your goal, your refinance mortgage can switch you to a mortgage loan program with a shorter term, for example: a 15 year loan. Your payments will probably be more than they were with a longer term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and will build up equity quicker. Conversely, if your existing long-term mortgage has a small balance remaining, and was closed a while ago, you could be able to make the change without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at 561-475-2281. We are here for you.
Curious about refinancing? Give us a call at 561-475-2281.