Selecting a Refinancing Program
The huge number of refinance options available is truly breathtaking. We can guide you to select the refinance program that will fit your financial situation the best. Call us at 561-475-2281 to get started. In order to review your choices, you can determine what you want to achieve with your refinance.
Making Your Payments Lower
Are getting better payments and a lower rate your main refinance goals? If so, applying for a low, fixed-rate loan might be a good option for you. Maybe you currently hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the rate of interest varies. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set that low interest rate for the life of your loan. A fixed-rate mortgage is particularly a wise idea if you aren't planning a move within the next five years or so. However, if you can see yourself selling your home before too long, an ARM mortgage with a small initial rate may be the ideal way to reduce your monthly payment.
Is "cashing out" your primary purpose for refinancing? Maybe you need to pay for home improvements, take care of your college kid's tuition, or go on a dream vacation. With this in mind, you will want to get a loan for more than the balance remaining on your current mortgage loan.With this goal, you You'll want to apply for a loan for more than the current balance of your current mortgage in this case. However, if your loan interest rate is high now and you've had it for a long time, you could be able to reach your goals without making your mortgage payments higher.
Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you own some higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of equity.
Building up Equity Faster
Do you need to build up home equity more quickly, and have your mortgage paid off sooner? Then, you'll need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. Although your mortgage payment amount will probably be increased, you can save on interest; so your home equity will rise up faster. But, you could be able to make the change without a higher monthly mortgage payment if your long term mortgage loan was closed a while ago, and the remaining balance is low. You may even make it lower! To help you determine your options and the many benefits in refinancing, please contact us at 561-475-2281. We are here for you.
Want to know more about refinancing? Call us at 561-475-2281.