Choosing a Refinancing Loan
When you are overwhelmed with so many options, it may seem as if there are even more refinance programs than borrowers! We can help you select the loan program that can fit your situation the best. Contact us at (904) 342-3622 to begin the process. surveying your choices, you'll need to consider what you want to achieve with your refinance.
Making Your Payments Lower
Are getting reduced monthly payments and a better rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a wise choice for you. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a mortgage with which the interest rate varies - an adjustable rate mortgage (ARM). Even as interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you plan to stay in your home for at least five more years, a fixed rate mortgage may be a particulary good fit for you. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.
Is "cashing out" your primary purpose for refinancing? Perhaps you're dreaming of a cruise; you have to pay college tuition for your child; or you are updating your kitchen. Then you'll need to look for a loan for more than the remaining balance of your existing mortgage.With this goal, you'll want If you've had your current mortgage loan for quite a while and/or have a high interest mortgage, you may be able to do this without making your mortgage payment bigger.
Maybe you hope to pull out some of the home equity (cash out) to use toward other debt. If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (like home equity loans, student loans, or credit cards) means you can save possibly hundreds of dollars monthly.
Paying it off Faster
Are you hoping to fatten up your home equity faster, and pay your mortgage loan off more quickly? In that case, you'll want to find out about refinancing to a short term mortgage loan - such as a fifteen-year mortgage program. You will be paying less interest and growing your equity faster, although your mortgage payments will likely be more than they were. But, you could be able to make the change without much increase in your monthly mortgage payment if your long term mortgage was closed a while back, and the remaining balance is low enough. You may even pay less! To help you determine your options and the many benefits in refinancing, please call us at (904) 342-3622. We are here for you.
Curious about refinancing your home? Call us: (904) 342-3622.