Choosing a Refinancing Loan

When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than applicants! Call us at 407-834-3377 and we will match you with the refinance loan program that best fits you. surveying your choices, you can determine what you want to achieve with the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then your best choice could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of your loan, even when interest rates rise. If you expect to live in your home for about five more years, a fixed-rate loan may be a particulary good choice for you. However, an ARM with a initial low payment may be a better way to lower your payments if you plan on moving in the near future.

Cashing Out

Is "cashing out" your primary purpose for your refinance? Perhaps you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you'll need to get a loan above the balance remaining of your present mortgage.Then you You'll want to find a loan for more than the remaining balance with your current mortgage loan in that case. However, if your loan interest rate is currently high and you've had it for quite a few years, you may be able to accomplish your goals without making your monthly payments increase.

Debt Consolidation

Do you want to cash out some of your home equity to consolidate additional debt? Good idea! If you have built up some equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might be able to save you a chunk of money each month.

Getting a Shorter Term Loan

Do you want to build up equity quicker, and pay off your mortgage faster? You should consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. The mortgage payments will likely be more than with the longer term loan, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. But, you might be able to switch without a higher monthly payment if your longer term mortgage was closed a while back, and the balance remaining is low. You could even pay less! To help you determine your options and the many benefits in refinancing, please call us at 407-834-3377. We will help you reach your goals!

Curious about refinancing? Call us at 407-834-3377.

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