Refinancing: Which Loan Program is for You?

When you are overwhelmed with so many options, it may seem as if there are even more loan programs than borrowers! We can help you choose the refinance loan program that will fit your situation the best. Call us at (727) 743-1620 to get things started. What are your reasons for refinancing? Considering in mind the following will help you begin your decision process.

Making Your Payments Lower

Are getting reduced mortgage payments and an improved rate your main reasons for refinancing? Then the best choice may be a low fixed-rate loan. Perhaps you are now in a mortgage loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage loan must remain at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is particularly a good option if you don't plan to sell your home within the next five years or so. However, an ARM with a initial low payment may be a wiser way to lower your mortgage payments if you plan on moving in the next few years.

Getting Out some Cash

Are you hoping to cash out some of your home equity in your refinance? Your house needs improvements; your daughter has gone to University and needs tuition money; or you are planning a special vacation. Then you want to get a loan for more than the remaining balance on your current mortgage.With this goal, you'll want However, if your loan interest rate is currently high and you have held it for a long time, you may be able to reach your goals without an increase in your mortgage payment.

Debt Consolidation

Do you have other debt, perhaps with a high interest rate, that you'd like to consolidate? If you own any higher interest debts (such as credit cards or car loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the home equity built up to make it work.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan faster, while building up your home equity more quickly? You should consider refinancing with a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and growing your equity more quickly, even though your payments will generally be bigger than they were. However, if you have held your existing thirty-year mortgage loan for a long time and the remaining balance is somewhat low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please call us at (727) 743-1620. We are here for you.

Want to know more about refinancing your home? Call us at (727) 743-1620.

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