Choosing a Refinancing Program
The number of refinance options available is truly breathtaking. We can guide you to find the refinance loan program that can fit your financial situation the best. Contact us at 561-475-2281 to get things started. What do you hope to achieve with refinancing? Keeping in mind the following will help you narrow your choices.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the right loan program for you. Maybe you are presently 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 as interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a wise idea if you don't expect to move within the next five years or so. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced payments.
Are you refinancing primarily to pull out some of your equity for an infusion of cash? It could be you want to make home improvements, take care of your college kid's tuition, or take a cruise. Then you want to get a loan higher than the balance remaining of your existing mortgage.Then you will want However, if your interest rate is currently high and you've held it for a long time, you could be able to achieve your goals without making your mortgage payments increase.
Perhaps you'd like to cash out some of the home equity (cash out) to use toward other debt. If you have enough equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) might help save you a chunk of cash every month.
Paying it off Faster
Do you hope to build up equity quicker, and pay off your mortgage more quickly? Consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. Your mortgage payments will likely be more than they were with your long-term mortgage loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity quicker. Conversely, if your existing long-term mortgage has a small balance remaining, and was closed a while ago, you may be able to make the change without paying more each month. To help you determine your options and the many benefits of refinancing, please call us at 561-475-2281. We are here for you.
Curious about refinancing? Give us a call: 561-475-2281.