Which Refinancing Loan Program is Best for You?
There are an enormous number of refinancing options available to borrowers. We can guide you to locate the refinance loan program that can fit your financial situation the best. Contact us at 954.920.9799 to get started. surveying your options, you'll need to think about what you want to achieve with the refinance.
Lowering Your Payments
Is your refinance primarily to lower your rate and monthly payments? If so, the best choice may be a low fixed-rate loan. Perhaps you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Even as interest rates rise, a fixed-rate mortgage must stay at the same, low interest rate, unlike an ARM. If you plan to stay in your home for about five more years, a fixed rate mortgage may be an especially good fit for you. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.
Is your refinance goal primarily to pull out some equity for an infusion of cash? Maybe you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. In this case, you need to get a loan higher than the remaining balance on your existing mortgage loan.So you will need However, if your mortgage rate is high now and you've held it for a long time, you could be able to reach your goals without a rise in your mortgage payment.
Perhaps you'd like to pull out a portion of the home equity (cash out) to use toward other debt. If you have enough equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) could help save you a chunk of money each month.
Paying it off Sooner
Are you dreaming of paying off your loan sooner, while building up your home equity faster? Then, you'll want to find out about refinancing to a short term mortgage - such as a fifteen-year loan. Your mortgage payments will probably be more than they were with the longer term loan, but the pay-off is: that you will pay quite a bit less interest and can build up equity quicker. Conversely, if your existing longer term mortgage has a low balance remaining, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you figure out your options and the numerous benefits of refinancing, please contact us at 954.920.9799. We can help you reach your goals!
Curious about refinancing your home? Call us: 954.920.9799.