Which Refinancing Program is Best for You?
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The number of refinance options available is truly breathtaking. Call us at 678-467-2330 and we'll help you qualify for the best refinance program to fit your financial situation. There are several things to have in mind while you consider your options.
Reducing Your Monthly Payments
Are getting better payments and an improved rate your main refinance goals? In that case, a low, fixed rate loan may be your best option. Maybe you are now in a loan with a high, fixed interest rate, or a loan in which the rate of interest varies - an adjustable rate mortgage (ARM). Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage loan, even when interest rates rise. A fixed-rate mortgage is especially a good choice if you don't expect to move within the next five years or so. On the other hand, if you can see yourself moving before too long, an ARM mortgage with a small initial rate might be the best way to bring down your monthly payment. Due to refinancing, your total finance charges may be higher over the life of the loan.
Getting Out Some Cash
Is your refinance goal primarily to "cash out" some home equity? Your home needs renovating; your daughter has been accepted to college and needs tuition money; or you are taking your family on a cruise. In this case, you will need to look for a loan for more than the balance remaining on your existing mortgage loan.With this goal, you will need If you've had your existing mortgage for a long time and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Maybe you'd like to pull out a portion of the equity in your home (cash out) to use toward other debt. If you own any higher interest debts (like credit cards or vehicle loans), you might be able to pay that debt off with a lower rate loan through your refinance, if you have enough equity.
Switching to a Shorter Term Loan
Do you hope to build up equity more quickly, and pay off your mortgage faster? Then, you'll want to look into refinancing to a short term mortgage - such as a fifteen-year mortgage program. Although your mortgage payments will probably be more, you can be paying less interest; so your home equity will rise up faster. Conversely, if your existing longer term mortgage loan has a low remaining balance, and was closed a while ago, you may even be able to make the move without paying more each month. To help you understand your options and the numerous benefits of refinancing, please call us at
678-467-2330. We are here for you.
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