Which Refinancing Program is Right for You?
When you are overwhelmed with so many options, it may seem like there are even more refinance programs than borrowers! Contact us at 407-834-3377 and we will match you with the refinance loan program that fits you best. There are several things to keep in mind while you look at the options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, a good option might be a low fixed-rate loan. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you aren't expecting to move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good choice. On the other hand, if you do see yourself selling your home before too long, an ARM with a low initial rate might be the ideal way to lower your monthly payment.
Getting Out some Cash
Is "cashing out" your main reason for your refinance? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. Then you will need to apply for a loan for more than the remaining balance on your existing mortgage loan.In this case, you'll need If you've had your existing mortgage loan for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your mortgage payment bigger.
Perhaps you want to cash out some equity (cash out) to use toward other debt. If you own some debt with high interest (such as credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.
Paying it off Faster
Are you dreaming of paying off your loan more quickly, while building up your equity quicker? In that case, you want to find out about refinancing to a short term mortgage - like a fifteen-year loan. The payments will probably be more than with the long-term loan, but in exchange, you will pay quite a bit less interest and will build up equity more quickly. But, you could be able to switch without much increase in your monthly payment if your long term mortgage loan was closed a while back, and the balance remaining is somewhat low. You may even make it lower! To help you figure out your options and the numerous benefits in refinancing, please call us at 407-834-3377. We are here to help you reach your goals!
Curious about refinancing your home? Call us: 407-834-3377.
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