Selecting a Refinancing Option
There are a huge number of refinancing options available to borrowers. Call us at 719-357-6601 and we can help you qualify for the best refinance loan for your financial needs. surveying your options, you will need to consider what you want to achieve with your refinance.
Lowering Your Payments
Are getting lower mortgage payments and an improved rate your main refinance goals? Then the best choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Even when interest rates rise, a fixed rate mortgage must remain at the same, low interest rate, unlike an ARM. If you aren't expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good choice. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate to get lower mortgage payments.
Refinancing to Cash Out
Are you hoping to cash out some of your home equity with your refinance? It could be you're dreaming of a cruise; you have to pay tuition for your college-bound child; or you are updating your kitchen. Then you will want to get a loan for more than the remaining balance of your current mortgage loan.Then you will You'll be looking for a loan for more than the remaining balance with your present mortgage loan in this case. You may not have an increase in your monthly payemnt, however, if you have had your current mortgage for a long time, and/or your interest rate is high.
Consolidating Your Debt
Do you want to pull out a portion of your home equity to consolidate additional debt? Good idea! If you have the equity in your home to make it work, paying off other debt with higher interest than the rate on your mortgage (like home equity loans, student loans, or credit cards) means you may be able to save several hundred dollars in your budget each month.
Building up Equity More Quickly
Are you planning to fatten up your equity faster, and pay off your mortgage loan more quickly? If this is your wish, the refinance can change you to a loan program with a short, for example: a 15 year loan. You will be paying less interest and increasing your equity more quickly, although your payments will likely be bigger than you have been paying. Conversely, if your current long-term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month.
We also offer the All In One Loan that is a unique product which pays your principal first, thus drastically reducing the amount of time to pay off your mortgage.
To help you determine your options and the multiple benefits in refinancing, please contact us at 719-357-6601. We are here for you.
Want to know more about refinancing your home? Call us: 719-357-6601.