Which Refinancing Program is Right for You?
Although it seems like it sometimes, there aren't as many refinance loan programs as there are applicants! We can guide you to find the refinance loan program that will fit your financial situation the best. Call us at (904) 342-3622 to get things started. What are your reasons for your refinance loan? Considering in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, the best option may be a low fixed-rate loan. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan with which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage will stay at a certain low rate for the life of your mortgage loan, even when interest rates rise. If you are not planning a move in the near future (about 5 years), a fixed-rate mortgage can especially be a wise choice. However, if you can see yourself selling your home before too long, an ARM mortgage with a low initial rate could be the ideal way to lower your monthly payments.
Getting Out some Cash
Is your refinance goal primarily to pull out some of your equity for an infusion of cash? Your house needs improvements; your daughter has gone to University and needs tuition; or you are taking your family on a cruise. Then you'll want to find a loan higher than the balance remaining of your current mortgage loan.So you will need However, if your loan interest rate is currently high and you've held it for quite a few years, you may be able to accomplish your goals without making your mortgage payments increase.
Do you have other debt, perhaps with high interest, that you need to consolidate? If you have built up some home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) may help save you a lot of cash each month.
Building up Equity Faster
Do you want to build up equity more quickly, and pay off your mortgage faster? If this is your goal, the refinance loan can switch you to a mortgage program with a shorter term, for example: a 15 year loan. Even though your monthly payment amount will likely be increased, you can save on interest; so your equity amount will rise up faster. Conversely, if your existing longer term mortgage loan has a low balance remaining, and was closed a number of years ago, you could be able to make the move without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please call us at (904) 342-3622. We are here for you.
Want to know more about refinancing? Give us a call at (904) 342-3622.