Selecting a Refinancing Loan

Even though it may seem like it at times, there are not as many loan programs as there are applicants! Call us at (904) 342-3622 and we'll help you qualify for the right loan program to fit your financial situation. surveying your choices, you need to think about what you want to achieve with the refinance.

Reducing Your Monthly Payments

Are getting lower mortgage payments and a lower rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage, even as interest rates rise. If you are not planning on moving in the near future (about five years), a fixed-rate mortgage can especially be a wise choice. However, an ARM with a initial low payment could be a smarter way to lower your mortgage payments if you see yourself moving in the next few years.

Cashing Out

Are you hoping to cash out some of your home equity in your refinance? Your home needs updating; your son has been accepted to college and needs tuition money; or you are taking your family on a cruise. With this in mind, you will need to get a loan higher than the remaining balance of your existing mortgage loan.With this goal, you want If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Debt Consolidation

Perhaps you'd like to cash out some equity (cash out) to put toward other debt. If you hold some higher interest debts (like credit cards or vehicle loans), you may be able to take care of that debt with a lower rate loan with your refinance, if you have the right amount of equity.

Paying it off Sooner

Do you plan to build up home equity more quickly, and pay off your mortgage sooner? Then, you'll need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. The payments will likely be higher than with your longer term loan, but the pay-off is: that you will pay substantially less interest and can build up equity quicker. Conversely, if your current long-term loan has a small remaining balance, and was closed a number of years ago, you may be able to make the move without paying more each month. To help you determine your options and the multiple benefits in refinancing, please call us at (904) 342-3622. We will help you reach your goals!

Curious about refinancing? Give us a call at (904) 342-3622.

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Looking to refinance your home? Fill out the following form to get a fast quote from us.

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