Which Refinancing Option is Right for You?
When you are overwhelmed with so many choices, it may seem as if there are even more refinance programs than borrowers! We can help you find the loan program that can fit your financial situation the best. Call us at (727) 478-2797 to get started. There are several things to bear in mind as you review your options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a good choice may be a low fixed-rate loan. Maybe you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be an especially good choice for you. However, an ARM with a low intitial payment may be a smarter way to reduce your mortgage payments if you expect to move in the next few years.
Getting Out some Cash
Are you hoping to cash out some of your equity with your refinance? Your house needs improvements; your son has gone to University and needs tuition; or you are planning a special vacation. With this in mind, you want to apply for a loan above the remaining balance on your existing mortgage loan.With this goal, you need You may not increase your monthly payemnt, however, if you have had your current mortgage loan for a long time, and/or your interest rate is high.
Do you want to cash out a portion of your equity to consolidate other debt? Yes you can! If you have built up some home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could be able to save you a chunk of cash every month.
Paying it off Faster
Are you dreaming of paying your loan off sooner, while building up your home equity quicker? Then, you want to find out about refinancing to a short term mortgage - like a fifteen-year mortgage loan. Your mortgage payments will probably be higher than they were with your longer term loan, but in exchange, you will pay considerably less interest and will build up equity more quickly. But, you may be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while ago, and the remaining balance is small. You could even make it lower! To help you determine your options and the multiple benefits of refinancing, please contact us at (727) 478-2797. We can help you reach your goals!
Curious about refinancing your home? Call us: (727) 478-2797.
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