Choosing a Refinancing Program
When you are overwhelmed with all the choices, it may seem as if there are even more refinance loan programs than applicants! Call us at 954.920.9799 and we will match you with the refinance loan program that best fits you. There are several questions to ask yourself while you look at the options.
Lowering Your Payments
Are getting reduced monthly payments and an improved rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a good option for you. Perhaps you are currently in a mortgage with a high, fixed interest rate, or a mortgage loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set the low rate for the term of your loan. A fixed-rate mortgage can be particularly a good choice if you aren't planning a move within the next 5 years or so. On the other hand, if you do see yourself moving within the next few years, an ARM mortgage with a low initial rate might be the best way to reduce your monthly payment.
Is "cashing out" your main reason for your refinance? It could be you're going on a much needed vacation; you have to pay college tuition for your child; or you are updating your kitchen. With this in mind, you'll need to apply for a loan higher than the balance remaining on your existing mortgage loan.So you'll want You might not have an increase in your mortgage payemnt, though, if you've had your existing mortgage for a while, and/or your interest rate is high.
Do you want to cash out some of your equity to consolidate additional debt? Great idea! If you have a fair amount of home equity, taking care of other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a lot of money every month.
Getting a Shorter Term Loan
Are you wanting to fatten your home equity faster, and get your mortgage paid off more quickly? If this is your goal, the refinance mortgage can change you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and growing your equity faster, even though your monthly payments will likely be more than they were. Conversely, if your existing longer term mortgage loan has a small remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you understand your options and the multiple benefits of refinancing, please contact us at 954.920.9799. We are here for you.
Want to know more about refinancing? Call us at 954.920.9799.