Selecting a Refinancing Loan
There are a huge number of refinancing options available to borrowers. We can help you find the loan program that will fit your situation the best. Contact us at (904) 342-3622 to get things started. There are several questions to ask yourself while you consider the options.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the ideal choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage loan, even when interest rates rise. If you are expecting to stay in your home for about five more years, a fixed rate mortgage may be an especially good fit for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate in order to achieve reduced monthly payments.
Is "cashing out" your main purpose for refinancing? Your house needs new carpet; your son has gone to University and needs tuition; or you have a special family vacation planned. So you'll need to get a loan for more than the balance remaining of your present mortgage loan.So you'll need However, if your mortgage rate is currently high and you've had it for a long time, you could be able to achieve your goals without making your mortgage payments higher.
Consolidating Your Debt
Do you have other debt, perhaps with high interest, that you need to consolidate? If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (like car loans, credit cards, student loans, or home equity loans) means you can save possibly several hundred dollars monthly.
Building up Equity Faster
Do you hope to build up home equity quicker, and pay off your mortgage faster? Then, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage program. Although your monthly payments will likely be increased, you will save on interest; so your equity will build up faster. However, if you've held your current 30 year mortgage for a long time and the loan balance is rather low, you could be do this without increasing your monthly payment — you could even be able to save! To help you determine your options and the many benefits in refinancing, please contact us at (904) 342-3622. We are here for you.
Want to know more about refinancing your home? Give us a call: (904) 342-3622.