Refinancing: Which Loan Program is for You?

There are not as many refinance loan options as there are borrowers, but it feels like it sometimes! We can guide you to select the loan program that can fit your situation the best. Contact us at 866-300-1550 to get things started. There are some general questions to ask yourself as you look at your options.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal loan program for you. Maybe you currently have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — in which the rate of interest can vary. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the life of your mortgage, even when interest rates rise. If you aren't planning on moving in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good option. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced monthly payments.

Refinancing to Cash Out

Is your refinance goal primarily to pull out some equity for an infusion of cash? Maybe you're planning a special vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you want to find a loan higher than the remaining balance on your existing mortgage.In that case, you want You may not have an increase in your mortgage payemnt, however, if you've had your current mortgage loan for a long time, and/or your interest rate is high.

Consolidating Debt

Do you want to pull out some of your equity to consolidate other debt? Great idea! If you have built up some equity, paying off other debt with higher interest rates that your mortgage loan (credit cards or home equity loans, for example) may be able to save you a chunk of money every month.

Paying it off Sooner

Are you dreaming of paying your loan off sooner, while building up your home equity quicker? In that case, you'll need to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage program. You will be paying less interest and growing your home equity faster, even though your mortgage payments will generally be higher than you have been paying. However, if you have held your existing thirty-year loan for a long time and the remaining balance is relatively low, you might be do this without raising your monthly mortgage payment — it's even possible to save! To help you figure out your options and the numerous benefits of refinancing, please call us at 866-300-1550. We are here for you.

Want to know more about refinancing your home? Call us at 866-300-1550.

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