Selecting a Refinancing Loan

There are not as many loan programs as there are applicants, but it feels like it at times! Call us at (727) 478-2797 and we will work with you to qualify you for the best refinance program to fit your financial needs. There are several questions to ask yourself while you consider your choices.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? Then your best choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even if interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a fixed rate mortgage may be a particulary good fit for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve lower mortgage payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? It could be you're planning a special vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. With this in mind, you will want to get a loan above the balance remaining on your present mortgage loan.So you'll need However, if your loan interest rate is currently high and you've had it for a long time, you may be able to accomplish your goals without a rise in your mortgage payment.

Consolidating Your Debt

Perhaps you hope to pull out some of the home equity (cash out) to put toward other debt. If you have built up some equity, taking care of other debt with higher interest that your home loan (credit cards or home equity loans, for example) might be able to save you a lot of cash every month.

Building up Equity More Quickly

Are you wanting to fatten your home equity faster, and pay your mortgage off sooner? Consider refinancing to a short-term loan, such as a 15-year mortgage. Although your monthly payment amount will usually be increased, you can be paying less interest; so your equity will rise up faster. On the other hand, if your current longer term mortgage loan has a low balance remaining, and was closed a while ago, you may even be able to make the switch without paying more each month. To help you determine your options and the many benefits of refinancing, please call us at (727) 478-2797. We are here for you.

Curious about refinancing? Give us a call at (727) 478-2797.

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