Refinancing: Which Loan Program is for You?

There aren't as many loan program choices as there are applicants, but sometimes it feels like it! We can guide you to choose the refinance loan program that can fit your financial situation the best. Call us at 407-834-3377 to begin the process. In order to review your choices, you need to determine what you want to achieve with your refinance.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you are currently in a loan with a high, fixed interest rate, or a mortgage loan with which the interest rate varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the mortgage, even if interest rates rise. This is particularly a good option if you don't think you'll be moving within the next five years or so. However, if you do see yourself moving before too long, an ARM mortgage with a small initial rate could be the best way to lower your monthly payment.

Getting Out some Cash

Is "cashing out" your main purpose for refinancing? It could be you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are updating your kitchen. So you'll need to apply for a loan higher than the balance remaining of your existing mortgage.With this goal, you'll want You might not increase your monthly payemnt, though, if you have had your existing mortgage for a long time, and/or your loan interest rate is high.

Consolidating Your Debt

Perhaps you'd like to cash out a portion of the equity (cash out) to use toward other debt. If you have any debt with higher interest (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have the right amount of home equity.

Switching to a Shorter Term Loan

Do you hope to build up home equity more quickly, and pay off your mortgage more quickly? Then, you'll need to look into refinancing to a short term mortgage - like a fifteen-year mortgage loan. You will be paying less interest and growing your equity faster, although your mortgage payments will usually be more than you were paying. Conversely, if your current long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at 407-834-3377. We are here for you.

Curious about refinancing? Give us a call: 407-834-3377.

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