Refinancing: Which Program is for You?

The number of refinance options available to borrowers is truly breathtaking. Contact us at 305-967-7200 and we can match you with the loan program that best fits you. In the interest of looking at your choices, you need to consider your goals for your refinance.

Lowering Your Payments

Are achieving better mortgage payments and a lower rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Maybe you are now in a loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage, even as interest rates rise. A fixed-rate mortgage is particularly a good option if you aren't expecting a move within the next five years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower payments.

Refinancing to Cash Out

Is your refinance goal primarily to pull out some home equity for an infusion of cash? Your house needs updating; your son has gone to college and needs tuition; or you have a special family vacation planned. In this case, you will want to look for a loan higher than the remaining balance of your current mortgage loan.So you'll want to need to qualify for a loan for a higher amount than the remaining balance on your present mortgage loan. If you've had your existing mortgage for quite a while and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your mortgage payment.

Debt Consolidation

Do you have other debt, perhaps with a higher interest rate, that you'd like to consolidate? If you have a fair amount of home equity, paying toward other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could help save you a chunk of money each month.

Paying it off Faster

Are you hoping to fatten your home equity faster, and pay off your mortgage sooner? If this is your wish, the refinance can move you to a mortgage loan program with a shorter term, for example: a 15 year loan. You will be paying less interest and increasing your equity faster, even though your monthly payments will generally be higher than you have been paying. On the other hand, if your current long-term mortgage loan has a low remaining balance, and was closed a number of years ago, you could be able to make the change without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at 305-967-7200. We will help you reach your goals!

Curious about refinancing your home? Call us: 305-967-7200.

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