Selecting a Refinancing Program
The number of refinance options available can be overwhelming. Call us at (443) 619-7900 and we will match you with the loan program that fits you best. What do you hope to achieve with refinancing? Keeping in mind the following will help you begin your decision process.
Lowering Your Payments
Are achieving reduced payments and an improved rate your main reasons for refinancing? If so, your best option might be a low fixed-rate loan. Maybe you now hold a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even if interest rates rise, a fixed rate mortgage loan must stay at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for at least five more years, a loan with a fixed rate may be a particulary good option for you. On the other hand, if you can see yourself moving before too long, an adjustable rate mortgage with a low initial rate might be the best way to bring down your monthly payments.
Is "cashing out" your primary purpose for refinancing? Your home needs improvements; your son has been accepted to University and needs tuition money; or you have a special family vacation planned. Then you need to qualify for a loan for more than the remaining balance of your current mortgage.So you will want However, if your mortgage rate is currently high and you've had it for quite a few years, you could be able to achieve your goals without making your monthly payments higher.
Consolidating Your Debt
Do you want to pull out some equity to consolidate other debt? Excellent idea! If you have built up some equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) could be able to save you a lot of money each month.
Building up Equity More Quickly
Are you dreaming of paying off your loan sooner, while building up your equity quicker? Then, you need to find out about refinancing to a short term mortgage loan - for example, a fifteen-year loan. You will be paying less interest and growing your equity more quickly, although your mortgage payments will likely be higher than you were paying. However, if you've had your existing 30 year mortgage for a long time and the loan balance is somewhat low, you might be do this without raising your mortgage payment — you might even be able to save! To help you understand your options and the multiple benefits of refinancing, please call us at (443) 619-7900. We are here for you.
Curious about refinancing your home? Give us a call: (443) 619-7900.