Selecting a Refinancing Program

The number of refinance options available to borrowers can be overwhelming. We can help you select the refinance loan program that can fit your situation the best. Contact us at (866) 431-4328 to get things started. surveying your options, you’ll need to determine what you want to achieve with your refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed-rate loan may be your best option. Maybe you now have a higher rate fixed-rate mortgage, or perhaps you have an ARM — adjustable-rate mortgage — where the interest rate varies. Even when rates rise later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set the low rate for the life of your loan. If you are planning to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced monthly payments.

Refinancing to Cash Out

Are you refinancing primarily to “cash-out” some home equity? Perhaps you need to update your kitchen, take care of your college kid’s tuition, or go on a dream vacation. So you will need to apply for a loan higher than the remaining balance on your existing mortgage. In that case, you need If you’ve had your existing mortgage for quite a while and/or have a high-interest mortgage, you might\could be able to do this without increasing your monthly payment.

Consolidating Debt

Do you want to pull out some of your home equity to consolidate additional debt? Great plan! If you own any debt with higher interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of equity.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while building up your equity quicker? You should consider refinancing to a short-term loan, often a 15-year mortgage loan. The mortgage payments will likely be more than they were with a longer-term loan, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. Conversely, if your existing longer-term mortgage has a small balance remaining, and was closed a while ago, you may be able to make the move without paying more each month. To help you understand your options and the multiple benefits in refinancing, please contact us at (866) 431-4328.  We can help you reach your goals!