Which Refinancing Loan Program is Best for You?

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When you are overwhelmed with all the choices, it may seem like there are even more refinance programs than borrowers! Contact us at 800.465.1404.1002 and we can work with you to qualify you for the perfect refinance loan program for your financial situation. In the interest of looking at your options, you should consider your goals for your refinance.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the right option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates get higher later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low rate for the life of your mortgage. A fixed-rate mortgage is particularly a wise option if you aren't expecting a move within the next 5 years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity with your refinance? Your home needs new carpet; your son has gone to University and needs tuition; or you are planning a special vacation. Then you want to look for a loan higher than the remaining balance on your existing mortgage loan.With this goal, you You will need to find a loan for more than the balance remaining of your existing mortgage in that case. If you've had your existing mortgage loan for quite a while and/or have a mortgage with a high interest rate, you may be able to do this without increasing your monthly payment.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars each month.

Getting a Shorter Term Loan

Are you wanting to fatten up your equity faster, and pay your mortgage loan off more quickly? In that case, you want to find out about refinancing to a short term mortgage - such as a fifteen-year loan. You will be paying less interest and growing your equity faster, even though your mortgage payments will usually be more than you were paying. However, if you've had your current 30-year mortgage for a number of years and the remaining balance is rather low, you may be do this without raising your monthly mortgage payment — it's even possible to save! To help you figure out your options and the many benefits of refinancing, please call us at 800.465.1404.1002. We would love to help you reach your goals!

Want to know more about refinancing your home? Give us a call: 800.465.1404.1002.