Which Refinancing Program is Best for You?

The huge number of refinance options available to borrowers is truly breathtaking. We can help you find the refinance loan program that can fit your financial situation the best. Call us at (727) 743-1620 to get things started. What do you hope to achieve with refinancing? Considering in mind the following will help you begin your decision process.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be the best loan program for you. Perhaps you currently hold a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate varies. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage, even when interest rates rise. If you expect to stay in your home for about five more years, a fixed rate mortgage may be an especially good option for you. However, an ARM with a low intitial payment could be a wiser way to lower your payments if you expect to move in the next few years.

Getting Out some Cash

Are you planning to cash out some of your home equity with your refinance? Maybe you're dreaming of a cruise; you have to pay college tuition for your child; or you are updating your kitchen. Then you will want to find a loan above the remaining balance on your current mortgage loan.In that case, you'll need However, if your loan interest rate is currently high and you have held it for a long time, you may be able to accomplish your goals without an increase in your mortgage payment.

Consolidating Your Debt

Do you have other debt, perhaps with high interest, that you want to consolidate? If you hold some debt with higher interest (like credit cards or vehicle loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have the right amount of home equity.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while beefing up your home equity quicker? You should consider refinancing to a shorterterm loan, like a 15-year mortgage. Even though your mortgage payment amount will usually be more, you will save on interest; so your equity amount will build up faster. On the other hand, if your existing long-term mortgage has a low balance remaining, and was closed a number of years ago, you might be able to make the move without paying more each month. To help you understand your options and the multiple benefits of refinancing, please call us at (727) 743-1620. We would love to help you reach your goals!

Curious about refinancing your home? Call us at (727) 743-1620.

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