Which Refinancing Option is Best for You?
The number of refinance options available is truly breathtaking. Contact us at 561-475-2281 and we'll help you qualify for the perfect refinance loan to fit your needs. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then the best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Even when rates come up later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you set the low rate for the life of your loan. If you expect to live in your home for at least five more years, a loan with a fixed rate may be a particulary good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced monthly payments.
Is "cashing out" your main reason for refinancing? Your house needs renovating; your daughter has gone to University and needs tuition; or you are planning a special vacation. So you will need to find a loan for more than the balance remaining of your existing mortgage loan.In this case, you'll need You may not have an increase in your monthly payemnt, however, if you've had your current mortgage loan for a long time, and/or your loan interest rate is high.
Maybe you'd like to pull out some of the equity in your home (cash out) to use toward other debt. If you have any debt with steep interest (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of home equity.
Switching to a Shorter Term Loan
Do you plan to build up home equity more quickly, and have your mortgage paid off sooner? If this is your hope, your refinance loan can move you to a mortgage program with a shorter term, for example: a 15 year loan. Although your monthly payment amount will probably be increased, you will be paying less interest; so your home equity will build up faster. However, if you've held your current 30 year loan for a long time and the remaining balance is rather low, you may be do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the numerous benefits in refinancing, please contact us at 561-475-2281. We are here for you.
Curious about refinancing? Call us at 561-475-2281.