Which Refinancing Loan Program is Right for You?
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When you are overwhelmed with so many options, it may seem as if there are even more refinance loan programs than applicants! Call us at 3032279555 and we can work with you to qualify you for the perfect refinance program for your financial situation. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.
Reducing Your Monthly Payments
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be your best option. Perhaps you are presently in a mortgage loan with a high, fixed interest rate, or a loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage will remain at the same, low interest rate, unlike an ARM. If you are expecting to live in your home for at least five more years, a fixed rate loan may be a particularly good fit for you. However, if you can see yourself selling your home before too long, an adjustable rate mortgage with a small initial rate might be the best way to lower your monthly payment.
Are you hoping to cash out some of your home equity in your refinance? Maybe you want to make home improvements, take care of your college kid's tuition, or take a cruise. In this case, you'll need to get a loan for more than the balance remaining on your present mortgage loan.Then you need If you've had your current mortgage loan for a number of years and/or have a mortgage with a high interest rate, you might\could be able to do this without increasing your mortgage payment.
Consolidating Your Debt
Do you have other debt, maybe with high interest, that you want to consolidate? If you have the home equity for it, paying off other high interest debt (like car loans, credit cards, student loans, or home equity loans) means you can possible save several hundred dollars in your monthly budget.
Getting a Shorter Term Loan
Are you dreaming of paying your loan off more quickly, while beefing up your home equity more quickly? If this is your wish, the refinance loan can switch you to a mortgage program with a short, for example: a 15 year loan. Your mortgage payments will likely be higher than with the longer term mortgage loan, but the pay-off is: you will pay considerably less interest and can build up equity quicker. However, if you've had your existing 30-year mortgage for a long time and the remaining balance is somewhat low, you may be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the multiple benefits of refinancing, please contact us at 3032279555. We will help you reach your goals!