Selecting a Refinancing Option

The number of refinance options available can be overwhelming. Call us at 800-998-6003 and we will work with you to qualify you for the best refinance loan to fit your situation. In the interest of looking at your choices, you can list what you want to achieve with your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the best choice for you. Maybe you are presently 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 when rates rise later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low interest rate for the term of your mortgage. If you aren't expecting to sell your home in the near future (about 5 years), a fixed-rate mortgage can especially be a good choice. However, an ARM with a low initial payment may be a smarter way to lower your monthly payments if you plan on moving within the near future. By refinancing your current mortgage, you may wind up paying more in finance charges over the life of the loan.

Refinancing to Cash Out

Is your refinance goal primarily to pull out some of your equity for an infusion of cash? Your home needs updating; your daughter has been accepted to college and needs tuition money; or you are taking your family on a cruise. So you'll want to find a loan above the balance remaining on your current mortgage.So you'll need You might not have an increase in your mortgage payment, however, if you have had your current loan for a number of years, and/or your loan interest rate is high.

Debt Consolidation

Perhaps you'd like to cash out a portion of the home equity (cash out) to use toward other debt. If you have a fair amount of equity, taking care of other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) could be able to save you a chunk of money every month.

Paying it off Faster

Do you plan to build up home equity quicker, and have your mortgage paid off faster? In that case, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage program. The monthly payments will likely be more than with the long-term mortgage loan, but in exchange, that you will pay considerably less interest and can build up equity more quickly. However, if you have held your current 30-year mortgage for a long time and the remaining balance is rather low, you might be able to do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the many benefits in refinancing, please call us at 800-998-6003. We are here for you.