Selecting a Refinancing Program

The huge number of refinance options available is truly breathtaking. Call us at 9043423622 and we can match you with the refinance program that best fits you. There are some general questions to ask yourself as you look at the options.

Lowering Your Payments

Are achieving reduced payments and a lower rate your main reasons for refinancing? If so, getting a low, fixed-rate loan might be a wise choice for you. Perhaps you are now in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This is particularly a good option if you don't think you'll be moving within the next five years or so. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Cashing Out

Is "cashing out" your primary purpose for refinancing? Maybe you want to pay for home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. With this in mind, you need to look for a loan higher than the balance remaining on your current mortgage loan.Then you will want You may not increase your mortgage payemnt, however, if you've had your existing mortgage for a while, and/or your interest rate is high.

Consolidating Debt

Perhaps you hope to pull out some of the equity in your home (cash out) to use toward other debt. If you hold some higher interest debts (like credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have enough home equity.

Getting a Shorter Term Loan

Are you planning to fatten your home equity faster, and get your mortgage paid off more quickly? If this is your goal, your refinance mortgage can move you to a mortgage program with a shorter term, for example: a 15 year loan. The payments will likely be more than they were with your long-term loan, but in exchange, you will pay quite a bit less interest and can build up equity more quickly. But, you could be able to make the change without a higher monthly payment if your long term mortgage loan was closed a while back, and the balance remaining is somewhat low. You may even make it lower! To help you determine your options and the many benefits of refinancing, please contact us at 9043423622. We are here for you.

Curious about refinancing? Give us a call: 9043423622.

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159 Hampton Point Drive Suite 4
St. Augustine, FL 32092