Choosing a Refinancing Program
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When you are overwhelmed with so many choices, it may seem like there are even more refinance loan programs than applicants! We can guide you to choose the loan program that can fit your needs the best. Call us at (702) 730-2085 to get things started. What do you hope to achieve with refinancing? Keeping in mind the information below will help you begin your decision process.
Reducing Your Monthly Payments
Is your refinance primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the best option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if rates rise later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low rate for the term of your mortgage. A fixed-rate mortgage can be especially a wise choice if you don't plan to sell your home within the next five years or so. However, an ARM with a low initial payment may be a smarter way to reduce your mortgage payments if you plan on moving in the next few years.
Refinancing to Cash Out
Is your refinance goal mainly to "cash out" some home equity? Maybe you want to pay for home improvements, take care of your college kid's tuition, or take a cruise. With this in mind, you'll want to get a loan higher than the remaining balance of your existing mortgage loan.So you will want However, if your mortgage rate is high now and you've had it for quite a few years, you may be able to reach your goals without making your monthly payments higher.
Maybe you want to pull out some of the equity (cash out) to put toward other debt. If you own any debt with high interest (such as credit cards or vehicle loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have the home equity built up to make it work.
Building up Equity More Quickly
Are you dreaming of paying off your loan faster, while beefing up your equity faster? In that case, you'll need to look into refinancing to a short term mortgage loan - for example, a fifteen-year mortgage program. Even though your monthly payment amount will probably be increased, you can save on interest; so your equity will build up faster. On the other hand, if your current long-term mortgage loan has a low remaining balance, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you determine your options and the many benefits of refinancing, please call us at (702) 730-2085. We are here to help you reach your goals!
Curious about refinancing your home? Give us a call: (702) 730-2085.