Choosing a Refinancing Program
Even though it may seem like it sometimes, there are not as many loan programs as there are applicants! Contact us at 305-967-7200 and we can match you with the refinance program that is ideal for your needs. What are your reasons for refinancing? Considering in mind the following will help you begin your decision process.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan might be a good choice for you. Maybe you are currently 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 rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you set that low interest rate for the term of your mortgage. If you plan to stay in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. However, if you do see yourself moving in the near future, an adjustable rate mortgage with a low initial rate may be the ideal way to lower your monthly payment.
Are you refinancing mainly to "cash out" some home equity? Your house needs renovating; your son has been accepted to college and needs tuition money; or you have a special family vacation planned. Then you'll want to find a loan for more than the balance remaining on your present mortgage.So you'll want You might not have an increase in your monthly payemnt, though, if you've had your current loan for a long time, and/or your loan interest rate is high.
Do you want to pull out a portion of your equity to consolidate other debt? Yes you can! If you have built up some equity, paying off other debt with rates higher than your mortgage (credit cards or home equity loans, for example) may help save you a chunk of cash each month.
Building up Equity More Quickly
Are you wanting to fatten up your home equity faster, and pay off your mortgage sooner? If this is your plan, your refinance mortgage can switch you to a mortgage program with a short, such as a 15 year loan. You will be paying less interest and growing your home equity faster, even though your payments will usually be bigger than you have been paying. However, if you've had your existing 30-year mortgage for a number of years and the loan balance is rather low, you may be able to do this without increasing your mortgage payment — you could even be able to save! To help you figure out your options and the many benefits of refinancing, please call us at 305-967-7200. We are here for you.
Want to know more about refinancing your home? Give us a call at 305-967-7200.