Refinancing: Which Program is for You?
The number of refinance options available is truly breathtaking. We can help you find the loan program that can fit your situation the best. Call us at 954-375-7774 to begin the process. What are your reasons for your refinance loan? Considering in mind the following will help you begin your decision process.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan might be a good option for you. Maybe you are now in a mortgage with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you plan to stay in your home for at least five more years, a fixed-rate loan may be a particulary good option for you. However, if you can see yourself selling your home in the near future, an adjustable rate mortgage with a low initial rate might be the best way to reduce your monthly payment.
Are you hoping to cash out some of your equity with your refinance? It could be you're planning a special vacation; you have to pay college tuition for your child; or you plan to renovate your home. Then you'll need to get a loan for more than the remaining balance on your existing mortgage.So you'll need You may not increase your mortgage payemnt, though, if you have had your existing loan for a while, and/or your interest rate is high.
Do you want to cash out some home equity to consolidate other debt? Good plan! If you own any debt with steep interest (like credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate through your refinance, if you have the right amount of home equity.
Paying it off Faster
Are you dreaming of paying off your loan faster, while building up your equity more quickly? In that case, you want to find out about refinancing to a short term mortgage loan - like a fifteen-year loan. The payments will probably be higher than they were with your longer term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity more quickly. Conversely, if your current longer term loan has a small balance remaining, and was closed a number of years ago, you could be able to make the switch without paying more each month. To help you figure out your options and the many benefits of refinancing, please call us at 954-375-7774. We can help you reach your goals!
Want to know more about refinancing your home? Call us: 954-375-7774.