Selecting a Refinancing Program

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Although it may seem like it sometimes, there are not as many refinance choices as there are borrowers! Call us at 561-447-9580 and we can match you with the loan program that is ideal for your needs. There are some general things to have in mind while you review the choices.

Reducing Your Monthly Payments

Is your refinance primarily to lower your rate and monthly payments? Then your best choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the loan, even if interest rates rise. If you aren't expecting to move in the near future (about 5 years), a fixed rate mortgage loan can especially be a good option. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced payments.

Getting Out some Cash

Is your refinance goal primarily to pull out some of your home equity for an infusion of cash? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. With this in mind, you'll need to look for a loan for more than the balance remaining of your current mortgage loan.Then you'll You will want to qualify for a loan for a bigger amount than the balance remaining on your existing mortgage in this case. If you've had your current mortgage loan for a long time and/or have a mortgage loan with a high interest rate, you might\could be able to do this without making your mortgage payment higher.

Consolidating Debt

Maybe you hope to cash out a portion of the equity (cash out) to use toward other debt. If you have a fair amount of equity, paying off other debt with higher interest that your home loan (credit cards or home equity loans, for example) might help save you a chunk of money every month.

Building up Equity More Quickly

Do you need to build up home equity quicker, and have your mortgage paid off more quickly? Consider refinancing to a shorterterm loan, such as a 15-year mortgage loan. Your monthly payments will likely be more than they were with the longer term loan, but in exchange, you will pay quite a bit less interest and can build up equity quicker. However, if you've held your current thirty-year mortgage for a number of years and the remaining balance is somewhat low, you might be do this without increasing your monthly payment — it's even possible to save! To help you determine your options and the numerous benefits of refinancing, please call us at 561-447-9580. We are here for you.

Curious about refinancing your home? Give us a call: 561-447-9580.