Which Refinancing Loan Program is Best for You?

The huge number of refinance options available to borrowers can be overwhelming. Call us at 386-246-6322 and we will match you with the refinance loan program that best fits you. In the interest of looking at your options, you can think about your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best option might be a low fixed-rate loan. Perhaps you currently hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — with which the rate of interest can vary. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage loan, even as interest rates rise. This kind of loan is especially a wise idea if you don't think you'll be selling your home within the next five years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Refinancing to Cash Out

Is "cashing out" your main purpose for refinancing? Your home needs updating; your son has gone to college and needs tuition; or you are planning a special vacation. So you will need to look for a loan for more than the remaining balance on your current mortgage loan.So you want to qualify for a loan program for a higher amount than the remaining balance on your existing mortgage. If you've had your existing mortgage loan for a number of years and/or have a high interest mortgage, you might\could be able to do this without increasing your monthly payment.

Consolidating Debt

Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you have the home equity to make it work, paying off other debt with higher interest than the rate on your mortgage (like home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars monthly.

Switching to a Shorter Term Loan

Are you hoping to fatten your home equity faster, and get your mortgage paid off sooner? In that case, you want to look into refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and increasing your home equity more quickly, even though your payments will generally be bigger than they were. Conversely, if your existing long-term mortgage has a low remaining balance, and was closed a while ago, you may be able to make the switch without paying more each month. To help you understand your options and the many benefits of refinancing, please contact us at 386-246-6322. We are here for you.

Curious about refinancing your home? Call us at 386-246-6322.

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