Choosing a Refinancing Loan

There aren't as many loan program choices as there are borrowers, but sometimes it seems like it! Contact us at (904) 342-3622 and we will match you with the refinance loan program that is ideal for your needs. There are some general things to bear in mind as you consider your options.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a good option 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. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage loan, even as interest rates rise. If you aren't expecting to move in the near future (about five years), a fixed-rate mortgage can particularly be a great option. However, an ARM with a low intitial payment could be a better way to reduce your monthly payments if you see yourself moving in the next few years.

Getting Out some Cash

Are you planning to cash out some of your equity in your refinance? Your house needs improvements; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. With this in mind, you'll want to get a loan higher than the balance remaining of your present mortgage.In this case, you will want However, if your mortgage rate is currently high and you've had it for quite a few years, you could be able to achieve your goals without making your mortgage payments rise.

Consolidating Your Debt

Do you want to cash out some equity to consolidate additional debt? Great plan! If you have the equity in your home to make it work, taking care of other high interest debt (for example: home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars a month.

Getting a Shorter Term Loan

Are you wanting to fatten up your home equity faster, and get your mortgage paid off sooner? If this is your plan, your refinance mortgage can change you to a mortgage loan program with a shorter term, for example: a 15 year loan. The payments will likely be higher than they were with your longer term loan, but the pay-off is: you will pay quite a bit less interest and can build up equity quicker. However, if you've had your existing thirty year mortgage for a number of years and the loan balance is relatively low, you may be do this without raising your mortgage payment — you might even be able to save! To help you figure out your options and the multiple benefits of refinancing, please contact us at (904) 342-3622. We can help you reach your goals!

Want to know more about refinancing your home? Give us a call at (904) 342-3622.

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