Refinancing: Which Program is for You?

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There are a huge number of refinancing options available to borrowers. Contact us at (407) 294-4707 and we will work with you to qualify you for the best refinance loan for your financial needs. There are some general questions to ask yourself as you consider the options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then your best choice could be a low fixed-rate loan. Perhaps you now have a fixed-rate mortgage with a higher rate, or perhaps you hold an ARM — adjustable rate mortgage — in which the rate of interest can vary. Different that the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your loan, even when interest rates rise. This can be particularly a wise idea if you don't plan to move within the next five years or so. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower monthly payments.

Cashing Out

Are you hoping to cash out some of your home equity with your refinance? Maybe you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you will want to get a loan above the balance remaining of your current mortgage.In that case, you need You may not increase your mortgage payment, however, if you have had your current mortgage loan for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you want to cash out some home equity to consolidate other debt? Excellent idea! If you have any debt with higher interest (like credit cards or car loans), you might be able to take care of that debt with a loan with a lower rate 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 building up your equity faster? Then, you'll need to look into refinancing to a short term mortgage - such as a fifteen-year loan. You will be paying less interest and increasing your equity faster, even though your payments will usually be more than you have been paying. On the other hand, if your existing long-term loan has a low remaining balance, and was closed a number of years ago, you may even be able to make the change without paying more each month. To help you determine your options and the many benefits in refinancing, please call us at (407) 294-4707. We are here for you.

Curious about refinancing? Give us a call at (407) 294-4707.