Refinancing: Which Option is for You?

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Although it may seem like it sometimes, there aren't as many loan programs as there are borrowers! We can help you locate the refinance program that can fit your needs the best. Call us at 407-341-4313 to get things started. There are some general things to keep in mind while you review the options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best option may be a low fixed-rate loan. Maybe you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — with which the rate of interest can vary. Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your loan, even when interest rates rise. If you expect to stay in your home for about five more years, a fixed rate mortgage may be an especially good fit for you. On the other hand, if you can see yourself selling your home within several years, an adjustable rate mortgage with a small initial rate may be the ideal way to bring down your monthly payments.

Getting Out some Cash

Are you wanting to cash out some of your home equity with your refinance? Perhaps you're dreaming of a cruise; you need to pay college tuition for your child; or you are planning some home improvements. In this case, you will want to get a loan higher than the remaining balance of your existing mortgage.With this goal, you'll want You might not increase your monthly payemnt, however, if you have had your existing loan for a long time, and/or your interest rate is high.

Debt Consolidation

Do you have other debt, maybe with a higher interest rate, that you'd like to consolidate? If you have the equity in your home for it, taking care of other debt with higher interest than the rate on your mortgage (like credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars in your monthly budget.

Getting a Shorter Term Loan

Are you planning to fatten your equity faster, and pay off your mortgage loan sooner? Then, you need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. Even though your mortgage payments will probably be increased, you will save on interest; so your home equity will build up faster. But, you might be able to switch without much increase in your monthly mortgage payment if your longer term mortgage loan was closed a while ago, and the remaining balance is somewhat low. You may even pay less! To help you understand your options and the numerous benefits in refinancing, please contact us at 407-341-4313. We will help you reach your goals!

Want to know more about refinancing your home? Call us: 407-341-4313.