Which Refinancing Program is Right for You?
There aren't as many refinance loan programs as there are borrowers, but at times it seems like it! Call us at (443) 619-7900 and we'll work with you to qualify you for the best refinance loan for your situation. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.
Making Your Payments Lower
Are achieving lower payments and a better rate your main refinance goals? If so, applying for a low, fixed-rate loan may be a wise option for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Even when rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set that low rate for the life of your loan. If you are not planning on moving in the near future (about 5 years), a fixed-rate mortgage can particularly be a great loan option. However, if you do see yourself moving before too long, an ARM mortgage with a small initial rate could be the best way to bring down your monthly payment.
Refinancing to Cash Out
Are you wanting to cash out some of your equity in your refinance? Your house needs improvements; your daughter has gone to college and needs tuition; or you are taking your family on a cruise. So you will need to apply for a loan higher than the remaining balance on your current mortgage loan.Then you need You may not have an increase in your monthly payemnt, however, if you've had your existing mortgage loan for a number of years, and/or your loan interest rate is high.
Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you have the home equity for it, paying off other high interest debt (like home equity loans, student loans, or credit cards) means you may be able to save hundreds of dollars monthly.
Paying it off Sooner
Are you planning to fatten your home equity faster, and pay off your mortgage loan sooner? Consider refinancing to a short-term loan, like a 15-year mortgage loan. Although your monthly payment amount will likely be more, you can save on interest; so your equity amount will rise up faster. But, you might be able to make the change without a bigger monthly payment if your longer term mortgage loan was closed a while ago, and the balance remaining is small. You could even pay less! To help you understand your options and the many benefits in refinancing, please contact us at (443) 619-7900. We can help you reach your goals!
Want to know more about refinancing? Give us a call: (443) 619-7900.