Which Refinancing Program is Right for You?

There are not as many refinance loan programs as there are borrowers, but it feels like it at times! Call us at (904) 342-3622 and we'll work with you to qualify you for the right refinance loan program to fit your financial situation. What do you hope to achieve with your refinance loan? Considering in mind the following will help you narrow your choices.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? If so, applying for a low, fixed-rate loan could be a good choice for you. Maybe you now 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. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of the mortgage, even when interest rates rise. If you are planning to live in your home for about five more years, a fixed rate loan may be a particulary good fit for you. On the other hand, if you can see yourself moving before too long, an adjustable rate mortgage with a small initial rate may be the ideal way to lower your monthly payments.

Getting Out some Cash

Is "cashing out" your main purpose for your refinance? Maybe you want to pay for home improvements, pay your child's college tuition bill, or take a cruise. So you will need to get a loan higher than the remaining balance on your current mortgage loan.Then you'll want You might not have an increase in your monthly payemnt, however, if you have had your current loan for a long time, and/or your loan interest rate is high.

Consolidating Your Debt

Do you hold other debt, perhaps with high interest, that you'd like to consolidate? If you have the home equity for it, taking care of other high interest debt (such as car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars in your budget each month.

Building up Equity Faster

Are you dreaming of paying off your loan sooner, while beefing up your home equity quicker? If this is your goal, your refinance can move you to a loan program with a short, for example: a 15 year loan. Although your monthly payment amount will probably be more, you can save on interest; so your home equity will build up faster. However, if you've held your current thirty-year loan for a long time and the remaining balance is relatively low, you could be able to do this without raising your monthly payment — you might even be able to save! To help you understand your options and the many benefits of refinancing, please contact us at (904) 342-3622. We will help you reach your goals!

Want to know more about refinancing? Call us at (904) 342-3622.

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