Choosing a Refinancing Option
There are an enormous number of refinancing options available to borrowers. Contact us at 9722920448 and we can work with you to qualify you for the right refinance loan to fit your financial situation. There are some general questions to ask yourself as you consider your options.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a good choice could be a low fixed-rate loan. Maybe you are now in a mortgage loan with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even if rates rise later, unlike with your ARM, when you close a fixed-rate mortgage, you set the low interest rate for the life of your loan. A fixed-rate mortgage can be especially a good choice if you don't think you'll be moving within the next five years or so. However, an ARM with a low intitial payment could be a wiser way to reduce your payments if you see yourself moving in the next few years.
Cashing Out
Is "cashing out" your primary purpose for refinancing? Your home needs improvements; your daughter has been accepted to college and needs tuition money; or you have a special family vacation planned. With this in mind, you'll need to get a loan above the balance remaining of your existing mortgage.So you want 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
Perhaps you hope to cash out some of the equity in your home (cash out) to use toward other debt. If you own some debt with steep interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough home equity.
Getting a Shorter Term Loan
Are you hoping to fatten up your equity faster, and pay your mortgage off more quickly? You should consider refinancing to a shorterterm loan, like a 15-year mortgage. Although your mortgage payments will probably be increased, you can save on interest; so your equity amount will build up faster. But, you may be able to switch without a higher monthly payment if your long term loan was closed a while ago, and the remaining balance is small. You may even make it lower! To help you understand your options and the numerous benefits in refinancing, please call us at 9722920448. We are here for you.
Curious about refinancing your home? Call us: 9722920448.