Selecting a Refinancing Program
The number of refinance options available to borrowers is truly breathtaking. Contact us at (443) 619-7900 and we will help you qualify for the perfect refinance loan program for your needs. surveying your options, you will need to think about what you want to achieve with your refinance.
Lowering Your Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? If so, getting a low, fixed-rate loan may be a good choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed rate mortgage, you lock in that low interest rate for the term of your loan. A fixed-rate mortgage can be especially a wise idea if you aren't planning a move within the next five years or so. However, if you do see yourself selling your home within the next few years, an ARM mortgage with a low initial rate might be the best way to reduce your monthly payment.
Refinancing to Cash Out
Is your refinance goal primarily to pull out some home equity for an infusion of cash? Your house needs updating; your son has been accepted to University and needs tuition money; or you are planning a special vacation. With this in mind, you will need to find a loan for more than the remaining balance of your existing mortgage loan.With this goal, you need However, if your mortgage rate is high now and you've held it for quite a few years, you could be able to achieve your goals without an increase in your mortgage payment.
Do you want to pull out some home equity to consolidate other debt? Yes you can! If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (for example: credit cards, home equity loans, or car loans) means you can save possibly hundreds of dollars monthly.
Switching to a Shorter Term Loan
Do you need to build up equity more quickly, and have your mortgage paid off more quickly? If this is your hope, the refinance mortgage can switch you to a loan program with a shorter term, for example: a 15 year loan. Although your monthly payments will probably be increased, you can be paying less interest; so your equity amount will build up faster. However, if you've had your current thirty year loan for a long time and the remaining balance is relatively low, you may be able to do this without raising your monthly mortgage payment — it's even possible to save! To help you determine your options and the many benefits in refinancing, please call us at (443) 619-7900. We can help you reach your goals!
Curious about refinancing your home? Give us a call at (443) 619-7900.