Refinancing: Which Option is for You?

There are an enormous number of refinancing programs available to borrowers. Call us at (904) 342-3622 and we will match you with the refinance loan program that best fits you. surveying your options, you need to think about what you want to achieve with your refinance.

Making Your Payments Lower

Are you refinancing primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan may be a good choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates come up later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you lock in the low rate for the life of your mortgage. This kind of loan is particularly a wise option if you aren't expecting a move within the next five years or so. On the other hand, if you can see yourself selling your home before too long, an adjustable rate mortgage with a low initial rate might be the ideal way to lower your monthly payments.

Refinancing to Cash Out

Are you hoping to cash out some of your equity with your refinance? Your home needs new carpet; your son has been accepted to college and needs tuition; or you have a special family vacation planned. With this in mind, you will want to find a loan for more than the balance remaining of your existing mortgage.So you will You will be looking for a loan for a higher amount than the current balance on your current mortgage in that case. You may not increase your monthly payemnt, though, if you have had your current mortgage loan for a number of years, and/or your interest rate is high.

Consolidating Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Good idea! If you hold any debt with higher interest (like credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of equity.

Building up Equity More Quickly

Do you hope to build up home equity quicker, and have your mortgage paid off faster? If this is your hope, your refinance can change you to a loan program with a short, for example: a 15 year loan. The payments will probably be higher than they were with the long-term mortgage, but the pay-off is: you will pay considerably less interest and can build up equity quicker. On the other hand, if your existing longer term loan has a low remaining balance, and was closed a while ago, you might be able to make the switch without paying more each month. To help you understand your options and the multiple benefits in refinancing, please call us at (904) 342-3622. We are here for you.

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

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