Which Refinancing Option is Right for You?
There are an enormous number of refinancing options available to borrowers. We can help you locate the refinance program that will fit your situation the best. Call us at 9722920448 to get things started. There are several questions to ask yourself as you look at your options.
Lowering Your Payments
Are getting better monthly payments and an improved rate your main refinance goals? In that case, your best choice may be a low fixed-rate loan. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage in which the interest rate varies : an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the life of the mortgage, even as interest rates rise. If you expect to live in your home for about five more years, a fixed rate mortgage may be an especially good choice for you. On the other hand, if you do see yourself selling your home within the next few years, an adjustable rate mortgage with a small initial rate might be the ideal way to reduce your monthly payments.
Getting Out some Cash
Is "cashing out" your primary purpose for refinancing? Your home needs new carpet; your son has gone to college and needs tuition; or you are planning a special vacation. So you'll want to find a loan higher than the remaining balance of your present mortgage.In this case, you'll need You might not increase your monthly payemnt, however, if you have had your existing mortgage for a while, and/or your interest rate is high.
Consolidating Your Debt
Maybe you'd like to cash out some home equity (cash out) to use toward other debt. If you have enough equity, taking care of other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) might help save you a chunk of cash every month.
Getting a Shorter Term Loan
Are you wanting to fatten your equity faster, and pay off your mortgage more quickly? You should consider refinancing to a shorterterm loan, often a 15-year mortgage loan. You will be paying less interest and increasing your equity more quickly, although your monthly payments will likely be higher than you have been paying. However, if you have held your current 30 year mortgage loan for a number of years and the loan balance is relatively low, you might be do this without increasing your mortgage payment — you may even be able to save! To help you figure out your options and the numerous benefits of refinancing, please contact us at 9722920448. We are here to help you reach your goals!
Curious about refinancing your home? Call us at 9722920448.