Refinancing: Which Option is for You?
There are a huge number of refinancing options available to borrowers. Contact us at (904) 342-3622 and we can match you with the refinance loan program that is ideal for your needs. surveying your choices, you can think about your goals for your refinance.
Making Your Payments Lower
Is your refinance primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a good choice for you. Perhaps you now have a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — with which the interest rate can vary. Even when interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a loan with a fixed rate may be an especially good fit for you. But if you do expect to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.
Getting Out some Cash
Are you hoping to cash out some of your home equity in your refinance? Your home needs updating; your son has been accepted to University and needs tuition; or you have a special family vacation planned. So you will need to get a loan above the balance remaining on your current mortgage.Then you need If you've had your current mortgage loan for a long time and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your mortgage payment.
Perhaps you'd like to pull out some equity (cash out) to use toward other debt. If you have the equity in your home for it, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you may be able to save hundreds of dollars in your budget each month.
Paying it off Sooner
Are you dreaming of paying your loan off faster, while building up your equity more quickly? If this is your wish, the refinance mortgage can switch you to a mortgage loan program with a shorter term, like a 15 year loan. You will be paying less interest and increasing your home equity more quickly, although your payments will likely be higher than you have been paying. However, if you've held your current thirty-year mortgage loan for a number of years and the remaining balance is relatively low, you might be able to do this without increasing your mortgage payment — it's even possible 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.
Curious about refinancing your home? Call us at (904) 342-3622.