Choosing a Refinancing Loan
There are an enormous number of refinancing programs available to borrowers. Contact us at (727) 478-2797 and we'll work with you to qualify you for the perfect refinance loan program for your situation. What do you hope to achieve with refinancing? Considering in mind the information below will help you begin your decision process.
Lowering Your Payments
Are getting better payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low interest rate for the life of your loan. This kind of loan is particularly a wise choice if you don't think you'll be moving within the next 5 years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower payments.
Refinancing to Cash Out
Are you planning to cash out some of your equity with your refinance? Perhaps you want to pay for home improvements, pay your child's college tuition bill, or take a cruise. With this in mind, you'll want to get a loan higher than the balance remaining of your present mortgage.With this goal, you You will need to qualify for a loan for a higher amount than the balance remaining on your existing home loan in that case. However, if your mortgage rate is currently high and you have held it for quite a few years, you could be able to reach your goals without an increase in your mortgage payment.
Do you hold other debt, maybe with a higher interest rate, that you need to consolidate? If you have enough equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of money each month.
Building up Equity Faster
Are you dreaming of paying off your loan faster, while beefing up your equity faster? If this is your wish, your refinance loan can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. The payments will likely be higher than they were with a longer term mortgage loan, but the pay-off is: that you will pay substantially less interest and will 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 could even make it lower! To help you determine your options and the numerous benefits of refinancing, please contact us at (727) 478-2797. We are here for you.
Curious about refinancing your home? Give us a call at (727) 478-2797.
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