Choosing a Refinancing Loan
There aren't as many refinance loan programs as there are borrowers, but it seems like it sometimes! We can guide you to choose the refinance program that will fit your situation the best. Call us at (904) 342-3622 to get things started. What do you hope to achieve with refinancing? Considering in mind the following will help you narrow your choices.
Making Your Payments Lower
Are getting lower payments and an improved rate your main refinance goals? Then a low, fixed rate loan may be your best option. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even if interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are not expecting to move in the near future (about 5 years), a fixed-rate mortgage can especially be a wise loan option. However, an ARM with a low intitial payment may be a smarter way to lower your monthly payments if you see yourself moving in the near future.
Refinancing to Cash Out
Are you refinancing primarily to "cash out" some home equity? Maybe you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you want to find a loan above the balance remaining of your existing mortgage loan.So you need However, if your loan interest rate is high now and you have held it for a long time, you could be able to achieve your goals without making your mortgage payments rise.
Do you want to pull out some of your equity to consolidate other debt? Excellent idea! If you own any debt with high interest (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 home equity built up to make it work.
Paying it off Faster
Are you dreaming of paying off your loan sooner, while beefing up your home equity more quickly? Then, you'll need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year mortgage loan. Your mortgage payments will probably be higher than with a long-term loan, but the pay-off is: that you will pay substantially less interest and will build up equity more quickly. Conversely, if your existing longer term mortgage loan has a small balance remaining, and was closed a while ago, you may be able to make the move without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (904) 342-3622. We will help you reach your goals!
Want to know more about refinancing? Give us a call at (904) 342-3622.