Selecting a Refinancing Loan
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When you are overwhelmed with all the options, it may seem as if there are even more loan programs than borrowers! We can help you find the loan program that will fit your situation the best. Call us at 678-992-0100 to get started. There are several things to bear in mind as you review the choices.
Making Your Payments Lower
Are getting reduced payments and an improved rate your main refinance goals? In that case, the best choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even if rates come up later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set that low rate for the life of your loan. This kind of loan can be especially a wise idea if you aren't planning a move within the next five years or so. However, an ARM with a low intitial payment could be a better way to lower your payments if you expect to move in the next few years.
Is your refinance goal primarily to pull out some of your equity for an infusion of cash? It could be you're planning a special vacation; you need to pay college tuition for your child; or you are updating your kitchen. In this case, you will want to get a loan above the remaining balance on your current mortgage.In this case, you will want to need to qualify for a loan program for a bigger amount than the balance remaining on your existing mortgage. If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.
Consolidating Your Debt
Do you want to cash out some equity to consolidate additional debt? Excellent idea! If you have the equity in your home to make it work, taking care of other high interest debt (such as credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars each month.
Building up Equity More Quickly
Are you dreaming of paying your loan off sooner, while beefing up your home equity more quickly? You should consider refinancing with a short-term loan, such as a 15-year mortgage loan. You will be paying less interest and growing your equity more quickly, although your mortgage payments will usually be higher than they were. However, if you've held your existing thirty year loan for a number of years and the loan balance is somewhat low, you may be do this without increasing your monthly mortgage payment — it's even possible to save! To help you understand your options and the many benefits of refinancing, please call us at 678-992-0100. We are here for you.
Want to know more about refinancing your home? Call us at 678-992-0100.