Choosing a Refinancing Program

When you are overwhelmed with all the options, it may seem as if there are even more loan programs than applicants! Call us at 954.920.9799 and we will match you with the loan program that is best for your needs. What are your goals for refinancing? Keeping in mind the following will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a loan with which the interest rate varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a good idea if you don't think you will move within the next five years or so. However, an ARM with a initial low payment could be a better way to lower your monthly payments if you expect to move in the next few years.

Getting Out some Cash

Is "cashing out" your main reason for your refinance? Maybe you're planning a special vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. In this case, you want to find a loan above the balance remaining of your existing mortgage.With this goal, you'll want to qualify for a loan program for a bigger amount than the balance remaining on your present mortgage. If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Perhaps you'd like to pull out some of the home equity (cash out) to put toward other debt. If you have enough equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a chunk of money every month.

Getting a Shorter Term Loan

Are you dreaming of paying your loan off more quickly, while beefing up your home equity faster? If this is your plan, the refinance can switch you to a mortgage loan program with a short, for example: a 15 year loan. Even though your monthly payments will probably be increased, you will save on interest; so your equity amount will build up faster. On the other hand, if your existing long-term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you understand your options and the numerous benefits in refinancing, please call us at 954.920.9799. We are here for you.

Curious about refinancing your home? Give us a call at 954.920.9799.

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