Refinancing: Which Program is for You?

There aren't as many refinance loan options as there are applicants, but at times it seems like it! We can help you select the refinance loan program that can fit your financial situation the best. Contact us at 561-475-2281 to begin the process. There are some general questions to ask yourself while you look at the options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, applying for a low, fixed-rate loan could be a good option for you. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of the mortgage, even if interest rates rise. If you expect to live in your home for about five more years, a fixed-rate loan may be an especially good fit for you. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a low initial rate could be the ideal way to lower your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your equity with your refinance? Your house needs improvements; your daughter has gone to University and needs tuition; or you are planning a special vacation. Then you will need to look for a loan above the remaining balance on your present mortgage.With this goal, you will need If you've had your existing mortgage for quite a while and/or have a mortgage loan with a high interest rate, you might\could be able to do this without increasing your monthly payment.

Consolidating Debt

Perhaps you'd like to pull out some of the equity in your home (cash out) to use toward other debt. If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can possible save hundreds of dollars monthly.

Paying it off Sooner

Are you dreaming of paying off your loan faster, while building up your equity faster? In that case, you need to find out about refinancing to a short term mortgage - like a fifteen-year loan. The mortgage payments will probably be higher than they were with a long-term loan, but the pay-off is: you will pay substantially less interest and will build up equity quicker. On the other hand, if your existing longer term mortgage loan has a small remaining balance, and was closed a while ago, you might be able to make the change without paying more each month. To help you determine your options and the multiple benefits of refinancing, please call us at 561-475-2281. We can help you reach your goals!

Curious about refinancing? Call us: 561-475-2281.