Choosing a Refinancing Program

There are an enormous number of refinancing options available to borrowers. We can help you select the loan program that will fit your situation the best. Contact us at (904) 342-3622 to get started. surveying your choices, you should list your goals for your refinance.

Lowering Your Payments

Is your refinance primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a good option for you. Maybe you currently have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even if interest rates rise, a fixed-rate mortgage loan will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a good option if you don't think you'll be selling your home within the next five years or so. However, an ARM with a initial low payment may be a better way to reduce your monthly payments if you see yourself moving in the next few years.

Refinancing to Cash Out

Are you hoping to cash out some of your equity in your refinance? Maybe you need to make home improvements, pay your child's college tuition bill, or take your dream vacation. With this in mind, you'll need to look for a loan above the remaining balance of your existing mortgage loan.In that case, you will You will want to find a loan for more than the balance remaining of your current mortgage in that case. If you've had your existing mortgage for a number of years and/or have a high interest mortgage, you may be able to do this without increasing your monthly payment.

Consolidating Your Debt

Do you hold other debt, maybe with high interest, that you need to consolidate? If you have any higher interest debts (like credit cards or vehicle loans), you might be able to take care of that debt with a loan with a lower rate with your refinance, if you have the right amount of equity.

Building up Equity More Quickly

Do you need to build up home equity quicker, and pay off your mortgage sooner? Consider refinancing with a shorterterm loan, like a 15-year mortgage loan. Even though your monthly payment amount will probably be increased, you can be paying less interest; so your equity will build up faster. On the other hand, if your current long-term mortgage has a small remaining balance, and was closed a number of years ago, you may be able to make the switch without paying more each month. To help you figure out your options and the multiple benefits in refinancing, please contact us at (904) 342-3622. We will help you reach your goals!

Curious about refinancing? Call us: (904) 342-3622.

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