Which Refinancing Program is Right for You?
There are not as many loan program choices as there are borrowers, but sometimes it seems like it! Contact us at (727) 743-1620 and we can match you with the loan program that is ideal for you. There are some general questions to ask yourself while you review the choices.
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 right loan program for you. Maybe you are presently in a mortgage with a high, fixed interest rate, or a mortgage in 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 term of your mortgage, even if interest rates rise. This is especially a good option if you don't think you will move within the next five years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate to get lower payments.
Getting Out some Cash
Are you hoping to cash out some of your home equity with your refinance? Your house needs renovating; your son has gone to college and needs tuition; or you have a special family vacation planned. So you will need to get a loan for more than the balance remaining of your present mortgage.In that case, you'll want to need to find a loan for a bigger amount than the balance remaining on your current mortgage loan. However, if your mortgage rate is currently high and you have held it for quite a few years, you could be able to accomplish your goals without a rise in your mortgage payment.
Perhaps you'd like to pull out some equity (cash out) to put toward other debt. If you have built up some equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) may be able to save you a lot of cash each month.
Getting a Shorter Term Loan
Are you dreaming of paying off your loan faster, while beefing up your home equity quicker? Then, you need to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. Even though your monthly payments will likely be increased, you can save on interest; so your equity will build up faster. Conversely, if your current long-term mortgage has a small remaining balance, and was closed a number of years ago, you may be able to make the move without paying more each month. To help you understand your options and the multiple benefits in refinancing, please contact us at (727) 743-1620. We will help you reach your goals!
Curious about refinancing? Give us a call: (727) 743-1620.