Refinancing: Which Program is for You?

Even though it seems like it sometimes, there aren't as many refinance loan choices as there are applicants! We can help you choose the loan program that can fit your situation the best. Call us at 305-967-7200 to begin the process. In the interest of looking at your choices, you need to consider your goals for the refinance.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then the best option could be a low fixed-rate loan. Maybe you currently have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the rate of interest can vary. Even if interest rates rise, a fixed-rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are not planning a move in the near future (about five years), a fixed-rate mortgage can particularly be a great option. However, an ARM with a initial low payment could be a wiser way to reduce your mortgage payments if you plan on moving in the next few years.

Refinancing to Cash Out

Is your refinance goal primarily to "cash out" some home equity? Your house needs new carpet; your daughter has gone to college and needs tuition money; or you have a special family vacation planned. Then you will need to look for a loan above the remaining balance of your existing mortgage loan.In that case, you want to need to get a loan program for a bigger number 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 might\could be able to do this without making your mortgage payment higher.

Debt Consolidation

Do you want to pull out a portion of your equity to consolidate additional debt? Yes you can! If you have a fair amount of equity, paying off other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) might be able to save you a lot of cash each month.

Switching to a Shorter Term Loan

Do you need to build up home equity quicker, and pay off your mortgage faster? You should consider refinancing with a shorterterm loan, often a 15-year mortgage. You will be paying less interest and growing your home equity more quickly, even though your monthly payments will generally be bigger than they were. But, you could be able to make the change without a bigger monthly payment if your long term loan was closed a while back, and the remaining balance is somewhat low. You could even pay less! To help you figure out your options and the multiple benefits in refinancing, please contact us at 305-967-7200. We are here for you.

Want to know more about refinancing your home? Call us at 305-967-7200.

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