Refinancing: Which Program is for You?

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The huge number of refinance options available is truly breathtaking. Contact us at 866-300-1550 and we will match you with the loan program that fits you best. surveying your choices, you should consider your goals for your refinance.

Lowering Your Payments

Are achieving better mortgage payments and a lower rate your main refinance goals? In that case, your best option might be a low fixed-rate loan. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a loan in which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the loan, even as interest rates rise. If you are not planning a move in the near future (about five years), a fixed-rate mortgage can especially be a great choice. However, an ARM with a initial low payment may be a wiser way to reduce your payments if you expect to move within the near future. Refinancing may also cause your total finance charges to be more over the life of the loan.

Refinancing to Cash Outon Your Equity

Are you refinancing mainly to "cash out" some home equity? It could be you want to make home improvements, take care of your college kid's tuition, or take your family on a dream vacation. Then you'll want to find a loan for more than the balance remaining of your existing mortgage.Then you'll You'll be looking for a loan for a higher amount than the balance remaining of your present home loan in that case. You may not increase your monthly payment, though, if you have had your existing mortgage loan for a while, and/or your interest rate is high.

Debt Consolidation

Do you want to pull out some home equity to consolidate additional debt? Good idea! If you have the home equity for it, paying off other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars a month.

Building up Equity Faster

Are you wanting to fatten up your home equity faster, and pay off your mortgage more quickly? Consider refinancing with a short-term loan, such as a 15-year mortgage. The mortgage payments will probably be more than with your long-term loan, but the pay-off is: you will pay considerably less interest and will build up equity more quickly. However, if you've had your existing thirty-year mortgage for a long time and the remaining balance is relatively low, you may be able to do this without increasing your monthly mortgage payment — you might even be able to save! To help you determine your options and the many benefits in refinancing, please contact us at 866-300-1550. We are here for you.