Which Refinancing Loan Program is Best for You?

Shopping for a mortgage loan? We will be glad to assist you! Call us at (888) 833-5192. Want to get started? Apply Here.

The number of refinance options available to borrowers is truly breathtaking. Call us at (888) 833-5192 and we can work with you to qualify you for the right refinance program for your situation. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan may be a good choice for you. Perhaps you are presently in a loan with a high, fixed interest rate, or a mortgage loan in which the interest rate varies : an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you plan to live in your home for about five more years, a fixed-rate loan may be an especially good option for you. However, an ARM with a low initial payment could be a wiser way to lower your monthly payments if you plan on moving in the near future.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Perhaps you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are updating your kitchen. Then you want to find a loan above the remaining balance of your existing mortgage loan.So you need You may not increase your mortgage payment, however, if you've had your existing mortgage loan for a while, and/or your loan interest rate is high.

Debt Consolidation

Do you have other debt, perhaps with a higher interest rate, that you want to consolidate? If you have the equity in your home for it, taking care of other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can possible save hundreds of dollars in your monthly budget.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while building up your equity quicker? Then, you need to find out about refinancing to a short term mortgage - for example, a fifteen-year mortgage program. Even though your mortgage payment amount will usually be more, you can save on interest; so your equity amount will rise up faster. But, you may be able to make the change without much increase in your monthly payment if your long term loan was closed a while ago, and the balance remaining is low enough. You could even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at (888) 833-5192. We would love to help you reach your goals!

Want to know more about refinancing your home? Give us a call at (888) 833-5192.