Selecting a Refinancing Loan
Even though it may seem like it sometimes, there are not as many loan programs as there are applicants! Contact us at 719-357-6601 and we'll help you qualify for the best refinance loan program to fit your financial situation. surveying your choices, you can determine your goals for the refinance.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a good option might be a low fixed-rate loan. Perhaps you currently hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — in which the rate of interest can vary. Even if rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you lock in the low rate for the term of your mortgage. This kind of loan can be especially a wise idea if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.
Is "cashing out" your primary purpose for your refinance? Perhaps you want to update your kitchen, take care of your college kid's tuition, or take your dream vacation. So you will need to qualify for a loan above the remaining balance on your current mortgage.In that case, you'll need If you've had your current mortgage loan for a number of years and/or have a mortgage loan with high interest, you may be able to do this without increasing your mortgage payment.
Consolidating Your Debt
Do you want to cash out some of your home equity to consolidate other debt? Yes you can! If you have built up some home equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) could help save you a lot of money every month.
Building up Equity Faster
Are you planning to fatten up your equity faster, and get your mortgage paid off sooner? Consider refinancing to a short-term loan, often a 15-year mortgage loan. Although your mortgage payments will likely be increased, you will save on interest; so your equity amount will rise up faster. But, you might be able to make the change without much increase in your monthly mortgage payment if your longer term loan was closed a while back, and the balance remaining is low enough. You may even make it lower! To help you understand your options and the multiple benefits in refinancing, please call us at 719-357-6601. We are here for you.
Curious about refinancing your home? Call us: 719-357-6601.