Selecting a Refinancing Option
There are a huge number of refinancing programs available to borrowers. We can guide you to locate the refinance loan program that will fit your financial situation the best. Contact us at 561-475-2281 to get things started. There are some general questions to ask yourself while you consider the options.
Reducing Your Monthly Payments
Are achieving lower payments and an improved rate your main refinance goals? If so, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs 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 are not expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can particularly be a good option. But if you do expect to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve lower monthly payments.
Is "cashing out" your main purpose for your refinance? Your house needs renovating; your son has gone to college and needs tuition; or you have a special family vacation planned. So you will want to look for a loan above the remaining balance of your current mortgage loan.With this goal, you will You will be looking for a loan for a higher amount than the remaining balance of your present mortgage loan in this case. However, if your mortgage rate is currently high and you've had it for a long time, you may be able to accomplish your goals without a rise in your mortgage payment.
Do you want to pull out some home equity to consolidate other debt? Yes you can! If you have built up some home equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a lot of money each month.
Building up Equity Faster
Are you wanting to fatten your home equity faster, and pay your mortgage off sooner? If this is your plan, the refinance loan can change you to a loan program with a short, such as a 15 year loan. Although your monthly payments will probably be more, you will be paying less interest; so your equity amount will rise up faster. But, you might be able to make the change without a higher monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is low. You may even pay less! To help you determine your options and the numerous benefits of refinancing, please contact us at 561-475-2281. We are here for you.
Want to know more about refinancing your home? Give us a call at 561-475-2281.