Choosing a Refinancing Program
The number of refinance options available is truly breathtaking. We can help you locate the loan program that can fit your needs the best. Contact us at 561-475-2281 to begin the process. What are your reasons for your refinance loan? Considering in mind the information below will help you begin your decision process.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan may be a wise choice for you. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a loan with a fixed rate may be an especially good fit for you. However, if you do see yourself selling your home before too long, an ARM with a small initial rate could be the ideal way to lower your monthly payments.
Refinancing to Cash Out
Are you refinancing mainly to "cash out" some home equity? Maybe you want to pay for home improvements, take care of your college kid's tuition, or go on a special family vacation. In this case, you will need to apply for a loan higher than the remaining balance of your existing mortgage.So you'll need However, if your interest rate is currently high and you have held it for quite a few years, you could be able to achieve your goals without making your monthly payments higher.
Consolidating Your Debt
Do you hold other debt, maybe with high interest, that you need to consolidate? If you own some higher interest debts (like credit cards or car loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.
Building up Equity More Quickly
Do you need to build up home equity more quickly, and pay off your mortgage more quickly? If this is your plan, your refinance loan can switch you to a mortgage loan program with a shorter term, like a 15 year loan. You will be paying less interest and increasing your home equity faster, even though your monthly payments will likely be higher than they were. Conversely, if your existing longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at 561-475-2281. We would love to help you reach your goals!
Want to know more about refinancing your home? Give us a call: 561-475-2281.