Selecting a Refinancing Program

The number of refinance options available is truly breathtaking. Contact us at (727) 478-2797 and we can match you with the refinance program that fits you best. In order to review your choices, you'll need to list what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are achieving reduced payments and a lower rate your main refinance goals? Then a low, fixed rate loan may be your best option. Maybe you are now 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 rates come up later, unlike with your ARM, when you close a fixed rate mortgage, you lock in the low interest rate for the term of your mortgage. A fixed-rate mortgage can be especially a wise option if you don't plan to sell your home within the next five years or so. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower monthly payments.

Cashing Out

Are you planning to cash out some of your home equity in your refinance? Your house needs improvements; your daughter has been accepted to college and needs tuition money; or you are planning a special vacation. So you will want to apply for a loan above the remaining balance on your present mortgage loan.Then you need If you've had your current mortgage loan for quite a while and/or have a loan with a high interest rate, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Maybe you want to pull out some of the equity (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other high interest debt (like home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars each month.

Building up Equity Faster

Are you dreaming of paying off your loan sooner, while building up your home equity more quickly? Consider refinancing with a short-term loan, often a 15-year mortgage loan. The mortgage payments will likely be more than they were with the long-term loan, but the pay-off is: that you will pay considerably less interest and can build up equity quicker. But, you could be able to make the change without a higher monthly mortgage payment if your long term loan was closed a while ago, and the remaining balance is low. You may even make it lower! To help you determine your options and the numerous benefits of refinancing, please call us at (727) 478-2797. We would love to help you reach your goals!

Want to know more about refinancing? Call us: (727) 478-2797.

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