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Refinancing: Which Program is for You?
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In the market for a new mortgage? We'll be glad to talk about our many mortgage solutions! Call us at (702) 730-2085. Ready to get started? Apply Here. |
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Although it seems like it sometimes, there aren't as many refinance loan options as there are applicants! We can help you choose the refinance program that will fit your financial situation the best. Call us at (702) 730-2085 to get started. In the interest of looking at your choices, you will need to consider what you want to achieve with the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, a low, fixed rate loan may be the best choice for you. Maybe you currently hold a fixed-rate mortgage with a higher rate, or perhaps you have an ARM — adjustable rate mortgage — with which the interest rate varies. Unlike the ARM, your low fixed rate mortgage stays at a certain low rate for the term of the mortgage loan, even as interest rates rise. If you are not planning on moving in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise option. However, an ARM with a initial low payment could be a better way to reduce your monthly payments if you see yourself moving within the near future.
Getting Out some Cash
Is your refinance goal primarily to "cash out" some home equity? Your house needs renovating; your son has been accepted to University and needs tuition; or you are planning a special vacation. With this in mind, you need to get a loan higher than the remaining balance of your present mortgage loan.So you will want If you've had your current mortgage for a long time and/or have a high interest mortgage, you might\could be able to do this without making your monthly payment higher.
Debt Consolidation
Maybe you want to cash out some of the equity (cash out) to use toward other debt. If you have enough equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may help save you a chunk of money every month.
Building up Equity More Quickly
Are you dreaming of paying your loan off sooner, while beefing up your equity more quickly? If this is your plan, the refinance mortgage can switch you to a mortgage loan program with a short, for example: a 15 year loan. The payments will probably be more than they were with your longer term loan, but in exchange, that you will pay considerably less interest and will build up equity quicker. However, if you have held your current thirty year loan for a long time and the remaining balance is rather low, you could be able to do this without raising your monthly payment — you could even be able to save! To help you understand your options and the multiple benefits in refinancing, please call us at (702) 730-2085. We are here for you.
Curious about refinancing your home? Call us at (702) 730-2085.
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