Choosing a Refinancing Program

There are a huge number of refinancing programs available to borrowers. Contact us at and we will help you qualify for the best refinance loan to fit your needs. There are some general questions to ask yourself while you review your options.

Making Your Payments Lower

Are getting reduced monthly payments and an improved rate your main refinance goals? In that case, the best choice may be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your mortgage loan, even as interest rates rise. If you expect to live in your home for about five more years, a fixed rate loan may be a particularly good fit for you. However, if you can see yourself moving within several years, an ARM with a low initial rate could be the best way to bring down your monthly payments.

Getting Out some Cash

Is "cashing out" your main reason for refinancing? Your house needs improvements; your daughter has gone to college and needs tuition; or you are planning a special vacation. In this case, you'll need to look for a loan above the balance remaining on your existing mortgage.In this case, you'll want to need to qualify for a loan program for a higher amount than the remaining balance on your current mortgage loan. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment bigger.

Debt Consolidation

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

Building up Equity Faster

Are you planning to fatten up your equity faster, and pay off your mortgage sooner? Then, you need to look into refinancing to a short term mortgage - like a fifteen-year loan. You will be paying less interest and increasing your equity more quickly, although your mortgage payments will generally be higher than you have been paying. On the other hand, if your existing longer term loan has a low balance remaining, and was closed a number of years ago, you might be able to make the switch without paying more each month. To help you determine your options and the many benefits of refinancing, please contact us at . We are here for you.